While sitting out this boring consolidation, let's review the huge potential in the miners on this 2nd leg since THE bottom.

(1)

A move of #gold to $2050 later this year is my most conservative forecast

I expect the $GDX/$GLD ratio to hit the first resistance at 0.31 on this next leg.

Look at this LT chart how far we have to go!

(2)

this simple math (gold $2050 and 0.31), gives us a $GDX target of $60 ($5 higher than @DaveHcontrarian)

a simple double from here, for the seniors

(3)

Looking at the juniors, this becomes even more juicy.

A reversion to the former 2016 highs in the $GDXJ/$GDX ratio gives us a target of 1.71

(4)

The $GDXJ target becomes $102 (or 2$ higher than @DaveHcontrarian) - which is also a resistance level.

So while we had some nice moves, the bigger moves are around the corner.

Just sit & wait