@Dll, Still a monster trade coming assuming this year's rally was (A) of cir-A. This correction would be the (B) wave, typically nasty to trade. But the next move *should* be an impulsive (C) of cir-B to approximately the 100% extension of (A)-(B) .
@nick.holland78, Yes, according to your (C) = (A) assumption. But it could end up with 61.8% of (A) which is about 1,415. Personally, I think this is more likely since it aligns better with technical analysis. Also, GDX is seemingly forming (W)-(X)-(Y) - more like a bear market rally (from this year). Loaded some GDX two days ago but plan to gradually sell and empty all once it reaches 31.
@webmiztriz, HUI weekly below. This offers more price history than GDX or GDXJ, so therefore I believe its a better indication of the overall structure. Price came down right to the 61.8% retrace and bounced strongly.