At the last session, there may have been a possibility of the Direxion Daily Gold Miner Bear 3X ETF (NYSEARCA:DUST) testing the 24.50 level before moving higher.
Instead, in the pre-market DUST is trading right at the next Support/Resistance boundary of 25.25.
Chart by TeleChart
It may still push lower for a test but the probability appears to be low.
When there is a false breakout (either up or down) as we saw on Wednesday's session, the market tends to waste no time.
Now that the trading channel in the Market Vectors Daily Gold Miner ETF (NYSEARCA:GDX) is established, we may see price action accelerate lower from here.
The SPDR Gold Trust ETF (NYSEARCA:GLD) is heading back down to support. All of this action is bearish.
Disclosure: I am long DUST.