GDX is doing almost exactly what it did a year ago - peaked at the beginning of Dec, and had a classic ABC down wave. I think it may have a little more to fall, but probably getting close to at least a short term bottom.

I plan to sell a Feb 52 put option, either today or Monday. Right now this is worth about $1.10 and will rise if GDX falls further. So I would be obligated to buy GDX on Feb 18 for $52 if the stock is lower, and for that I get $1.10. Seems like a low risk trade to me. If GDX stays above 52, I keep the premium, if not, it gets assigned & I could sell a call on it and get another premium.