A Potentially Significant GDX Base Pattern Continues to Evolve

The BIG picture of the Market Vectors Gold Miners ETF (GDX) is getting increasingly constructive.

Let's notice that:

1) the current upleg off of the May 28 low at 21.93 into today's high at 25.76 is approaching a confrontation with its 9-month downtrend, now in the vicinity of 26.60,

2) this week’s portion of the current upleg from 23.92 to 25.82 represents a thrust off of and above my 13-, 26-, and 52-week weighted MA’s,

3) all of the action since the March 14 high at 28.03 has the look of a maturing right shoulder of a year-long base pattern, and

4) my weekly momentum gauge is pointed straight up, and remains quite a distance from an overbought reading, suggesting that the current upleg could have considerably more upside prior to registering upside exhaustion.