Just thought I would compare the two graphs of GDX and the Nasdaq. Not the same periods, as they cannot be directly compared (the GDX started in 2006).

The GDX graph shows the large fall in 2008 I was referring to in my comments to Kens post. As you can see the patterns do not really match when you compare the top of the Nasdaq with the recent top in the GDX. The issue I think is that they start differently with the Nasdaq in a massive upward and relentless rise from a bottom in 96 ending with a parabolic rise, whereas the GDX has only just finished its first melt up from 2016. The rise in the GDX compares more to the HUI periods of 2002-2004 and so based on that we may have a lot more to come after further consolidation.

In my opinion, for any pattern to hold water it would have to be similar before the rise as well as after, not to mention that they are two entirely different markets.