The miners are reaching a pivotal point that will determine the price pattern over the following months.
In my previous post back in Feb, I provided a count and stated that the GDX would be bottoming at around $20 before resuming the bullish trend. While the count is still valid, wave (ii) has protracted longer than what I had initially expected as we are still in that same corrective wave.
I still expect the bottom to hit around the $20 mark and would like to see a strong move upward above $24 in the following weeks to confirm the start of wave (iii) of 1 that would take us to at least $30.
However, should the price fall below $19, it would invalidate the current count and make me more bearish in the short term.
The next couple of weeks are going to be critical as the pattern unfolds.