I bought some options in GDX to cover the various bullish/bearish situations. Very small positions.
Bearish 1) I bought November 16th, 2018 GDX puts at the $18.00 strike just in case this turns out to be a 1-3 day bounce before prices collapse to new lows (see Bull Trap update). Price $.06 cents.
Bearish 2) In case miners brake lower, but the November 16th expiration is too soon, I bought December 21st, 2018 $17.00 puts in GDX. Price $0.11 cents.
Bullish 1) Lastly, in case I’m wrong about the bearish case completely and prices breakout. I bought GDX call options January 18th, 2019 expiration $24.00 strike. Price $0.11 cents.
This is kind of a shotgun approach I use to cover the bases. A small amount of speculative capital used. This trade is weighted heavily bearish. The worst case scenario would be if prices break neither lower nor higher. In that case, each of the above positions would probably expire worthlessly.