Not EW.
Ages ago, back in the summer when bullies were getting lathered up, I questioned their “to the moon” views.

One of the reasons I cited was that one of my key monthly indicators had not completed its visit to OS land.
For this indicator, that meant sub -100. It was coming off a low around -50 at the time. (-200 to +200 range)

In prior notable bottoms like late 2015, it got there. Just as +100 has a tendency to be alert to OB topping prospects.

Well, GDX is now a hair below -100, but still falling. At least half the time (from back and cross testing), this measure should be starting up concurrent with lows forming. So there’s a fly in the ointment. But weeklies are getting pretty close, so it will be time for more vigilance beginning next week. FOMC looks like a potential pivot.