Here my long term GDX (monthly) chart which except the Black little lines I have not adjusted for long time and so far give me confirmation going forward. In general I am NOT BULLISH towards miners for atleast another 2 years according to YELLOW SINE WAVE and many other individual charts. Sorry Buls! I do see for some miners 2024 as an important turn but others more the year after.

Obviously there is a multi-year Head & Shoulder (H&S) pattern in progress where GDX is now in progress of Back-Testing (BT) the HEAD from below – see little Black Horizontal line @ approx. 30 where also several m-MA’s to find heavy resistance. Let’s see if GDX can get above 30 which I doubt but taking indicators into account (see chart), it has (little) chance while GDX is still oversold not withstanding ‘lower lows to be find’. On a bearish view … with recent jump (read BT in progress), indicators did cool-off and potentially BT completed.

One can observe 2x measurements of approx 160% from 2016 to 2020 (4 years – almost 5) which shows a finished HALFWAY PATTERN which at that time signaled me the TOP was in (!) and from there it made a Double Top (DT) this year (2022). So 4 years up equals 4 years down (potentially) – see SINE WAVE. There are 4 FORKS to be find in this chart where I see the BLUE FORK as main. In a glance one could see a BIG BLUE BULL FLAG and a H&S-pattern. Therefore the BULL case is still there . . . but not before a few years. BLACK DASHED ARROWS is my Scenario!

ADDED: on an ever larger view one could see a LARGE INVERSE H&S with 2024/2025 as the Right Inverse Shoulder . . . just to give credence to the BULL CASE for GDX.

PO 2024/2025 for GDX = 17.5  – maybe spike lower @ 14.5.

If I would be LONG-MINERS at this moment . . . I would sell in the coming days/week while GDX finish its’ BT @ 30 approx and GO SHORT. IMO.