One of our members pointed out to me a more immediate bullish count in the miners complex. While I am still VERY skeptical of an immediate break out, I do want to add this count to the consideration, especially with the GDX breaking below 22.72 ever so slightly.
As you can see, this would entail a VERY large wave 2 relative to wave 1, which I am not terribly found of. But, the wave ii is also quite large relative to the wave i. So either way, these 2nd waves are quite large.
But, for now, I will need to see a strong 5 wave move off these lows to be followed by only a corrective pullback, as shown in yellow. And, that would mean a move preferably over the 24.50 region from down here. Ultimately, it will take a strong move through the September high to get me bullish again.
And, as I have noted, even if we do get this (1)(2) structure in yellow, it will still not likely be until next year that we see a major break out in the complex.
But, I do want to say that I like this potential bullish count much better than the other one I was considering, and it is going to be my alternative count at this time.
So, I want to thank our member "hammer" for his work on this.