Another issue to consider with the gold miners is that the price action since the top last year may indicate continuos liquidation by the mutual funds that normally hold this stocks in anticipation of a deflation event. Every gold bug is looking at the gold/hui ration and is thinking the stocks will cach up without even considering that the price of gold could come down and make the ratio go up also. Since the first drop the bounces are getting smaller and that may indicate that they are using the rallies to sell and lately it seems they are in a hurry to sell. Technically we are under the 38% retracement and it seems the 61% retracement offers some significant support, while the neck of that huge top is around $49 now and the longer we stay under it, the stronger the resistance will be if we get there. All this just to keep all options open.