GDX is in the Grasp of a Full Blown Correction Within a New Bull Phase

The Market Vectors Gold Miners ETF (GDX) climbed from its Jan 19 low at 12.40 to a high on May 2 at 26.17, a gain of 111%, in what my work argues is the completion of the first upleg of a larger-developing, intermediate-term, counter-trend advance that projects to an optimal next upside target zone of 33 to 35.

All of the action off of the May 2 high at 26.17 into today's low at 23.54 is a correction of the Jan-May upleg, which has a target window of 22.40 to 21.25, from where I will be expecting an upside-reversal signal that the next upleg in the larger, counter-trend advance is beginning.

This means that GDX could have from 6% to 11% downside ahead prior to the next upside reversal signal.