I know this is very early days but I think this is the #1 scenario going forward from here. Below is a weekly GDX chart. I have said all along that gold stocks should make higher lows and gold lower lows at thelong term low in gold. So I think the lows for goldies is in this week if they can hold up here into the close. We go up into April, decline into May and the major cycle low for gold and GDX makes a higher low and the right shoulder of a H&S bottom around 40-41.
That would fit perfectly for a major low and set the stage for a launch pad for gold stocks.
