• 1st positive - As it is, HUI (gold miners index) has just retraced to 38.2% of Fibo. level (around 398 vs. yesterday's close at 399) within its multi-year bull rally trend since 2000.
• Viewing from this big-picture perspective, a 38.2% retracement from its peak is a healthy correction within the bull's context.
• In fact, it has more room to withstand further correction to 50% Fibo. Level (around 329) to be right on the support of this multi-year bull trend line.

Note that the selling volume (GDX) in the past few days certainly look "capitulative" in nature...

• 2nd positive - $BPGDM (bullish percentage on miners) has finally come down to the level last seen in 2011 prior to its explosive run to the all-time-high peak.
• In other words, even if we do not expect a quick rally to happen soon, sentiment on miners has once again being stretched to an extremely bearish level...not much room to be more bearish!

Side note: one may argue with the potential H&S forming in HUI now, but, bear in mind that H&S formation always bear more significance in a reversal from major top rather than an intermediate top (as in this case)...