Markets are of course made from varying opinions and different views. We all have our own. So this is not criticism of this individuals views merely an example of what I think is the prevailing view, based on hope and bear market scars. Here is a quote I got off of my twitter feed. This I believe expresses prevailing market psychology:

Im waiting for a test of #GDX support before I declare it’s off to the races in #Gold. Today, IMO, is not a test-to coin a phrase, it’s fake. We need to hit that support line, even go under on intra-day. But the test needs to be convincing, & I believe it will be next week.

I could be proven wrong one minute into the trading day tomorrow, however I see this quote as a product of years of bear market action and accumulated scars. It is my view that these investors that are waiting for a bombed out market before they invest will simply get frustrated. Note below there are 3 gaps to get filled. I think the market deals with these later after a more immediate run to the upside.

What we see in the chart above is the ultimate fake-out. It shook all the existing bullish holders (like me) yet it failed to satisfy the sidelined investors who want to get in after a 31 gap fill. The market threaded the needle to frustrate the most possible people. Be Right-Sit Tight.

Once we move above the 35 level this group of investors will be forced to chase the group if they want to remain in the sector.