Upside Projected for Gold Miners ETF

All of the hourly action off of Friday’s recovery high at 40.60 into this morning’s low at 38.85 in the Market Vectors Gold Miners ETF (NYSE:  GDX) has the right look of the completion of a minor correction within a larger upside recovery period that projects to 41.00 and possibly 43.25 thereafter.  At this juncture, only a decline that breaks 38.00 will begin to compromise my current outlook.