I will stay with my Intermediate degree wave count at this time. It will take some time to confirm this wave count, and in the longer run GDX should clear all previous peaks. The $32 price level will be the main price level to retrace, but GDX should also push much higher than the 2016 highs. Between each gold ETF there are differences, but in general we should have completed a Minor degree wave 2 bottom.
My last Gold/Gdx ratio calculation on April, 22, calculated at 54.34:1. Today it calculated at 53.85:1 which is a bit more expensive. I see that there is still a long way to go, before any real extreme becomes clear. In the future we could get a rapid completion of this ratio, which would then flash a warning sign. When we reach the 3d of a 3d wave count, then we are at the midpoint of this 5 wave move, after which only waves 3-4-5 in Minor degree need to be completed. 5th waves have a tendency to extend in commodities, but in no way does that mean it is a fundamentally stronger wave.
All this could still take the rest of the year to play out, as we progress in the “C” wave bull market.