20 July 2016 at 5:50 GMT
The advance in the GDX:arcx appears to have come to a halt at the projected cycle date. If this peak now holds and we see a larger correction this should be a larger bear market rally as the related cycle in the bear market to the advance off the January lows was longer then the current advance. As opposed to a new bull market. This is however in such a case interpreted to be the first leg higher of the advance. The suspicion of a peak is obviously thwarted upon a break into new highs above the most recent peak.