GDX - Trend Reversal in Miners To Start Soon

The current drop has many investors thinking that the long term correction in the miners is still ongoing. However, the current price movement is playing out more as a short term corrective wave (ii) of a larger degree wave 1 that should take us above $30 sometime this summer.

I am currently expecting a bottom to be reached somewhere above $20 before the resumption in the bull trend. While a drop below $18.60 would invalidate the count and have me reassess the outlined pattern, it looks less likely to play out at the moment.