I don’t expect a move down to the 200 dma in GDX, but a test of $37, which is the peak of the daily cycle in May, is absolutely realistic.

What I expect is that the 50 dma is going to flatten out for a month or two before this consolidation is over.  I envision it doing something similar to AMD early on in its massive bull run (it just hit $94 a couple of weeks ago).