The 21.48 peak labeled in the chart should be considered the Matterhorn for bulls. They’ve been slogging higher in fits and starts for the last two months, but without exceeding a single external peak on the daily chart. That’s why 21.48 is so important. If the next rally cycle pushes past it, also exceeding May 14’s ‘internal’ peak at 21.25, that would adrenalize the daily chart by creating a new, bullish impulse leg. An alternative possibility is that GDX is not quite ready for the push and will need to pull back first to 19.16, a Hidden Pivot midpoint (A=21.48 on 2/27) , for a running start. For now, we’ll watch and wait.0526_Ricks