I'm seeing wave C possibly shaping up as an ending diagonal to complete wave 2 of the larger degree correction.
If the price movement follows the blue count on the chart, we should be going down in 3 waves a-b-c to form a bottom around the 50% retracement of the larger impulsive wave 1 high of 52.50, potentially going a bit lower.
This would be an excellent opportunity to catch the following impulsive wave 3 up which will very likely take the GDXJ all the way up to 100 and above.