Miners are extremely overbought. The longer something rallies the more confident retail traders become and the more likely they are to chase price – afraid they are missing the move.
A professional trader thinks exactly the opposite. The longer something rallies the closer it is to a correction, and the more nervous a professional becomes. At the recent top GDX was stretched 51% above the 200 day moving average. That is the definition of dangerously overbought. This is not the time to chase. Wait for the Intermediate Cycle Low (ICL) in June.