• The gold miners got crushed on Fed day.
• Gold sentiment is extremely pessimistic.
• GDX is holding on by a thread.

 Conclusion:

Wednesday's close offers an amazing trade opportunity with an extremely favourable risk-reward ratio. Should physical gold trade higher pre-market on Thursday, we recommend getting into GDX on a higher open with a tight stop at $19.60/$19.70. This trade would potentially offer unlimited upside, should gold miners behave similarly to January 2016, for about 1% downside risk, depending on your entry price. If GDX breaks below this Fibonacci 61.8% level, we will have to envision a round-tripper, with GDX falling back to January 2016 levels.

http://seekingalpha.com/article/4030672-gold-miners-now-never?app=1&auth_param=9mlr:1c552eo:b00312c8acb76e66b04fcb50856b9d66