Loading ...…another chart guy that I like is named Clive Maund (although I fully admit that the algos have somewhat diminished the effectiveness of technical analysis).
A snippet of his latest….
Lastly, while the medium and long-term outlook for the sector could scarcely be better, we should be aware that it is overbought after its latest runup with somewhat bearish candles appearing on the charts late last week, especially on Friday. We should therefore not be surprised by a period of consolidation or reaction over the near-term. However, any such reaction, which is not expected to take GDX below about $43 – $44, will be viewed as a major buying opportunity.