After a Brutal January, Gold Miners Approaching Support

The Arca Gold Miners Index is down over 10% thus far into January.

Brutal indeed.

That said, the index now finds itself at support line (1) below, where swing lows from 2010 and 2012 occurred.

As it reaches this support it appears to be completing a repeating pattern similar to those at (A)-(C).

Will it break support per (A) and (C) and fall anywhere from 15%-40% more where its next confluence of support lines (2)-(4) are, or will it bounce hard per (B)?

Here is our bias to the question above, which we outlined in early December when the index was ~10% higher.