Elliott Wave View: GDX Ready to Resume Higher [Video]
|Short term Elliott Wave view suggests that pullback to $26.04 ended wave ((4)). GDX has since rallied within wave ((5)). Subdivision of wave ((5)) is unfolding as an impulse Elliott Wave structure. Up from wave ((4)) at $26.04, wave 1 ended at $28 and pullback to $27.5 ended wave 2. The miners then rallied in wave 3 towards $29.17, wave 4 ended at $28.31, and wave 5 ended at $30. This rally to $30 concludes wave (1) of ((5)). Subdivision of wave 3 also unfolded as an impulse of lesser degree as the chart below shows, illustrating the fractal nature.
GDX is now correcting cycle from August 1 within wave (2) before the rally resumes. Structure of the pullback is unfolding as a double zigzag. Down from $30, wave W ended at $28.87 as a zigzag where wave ((a)) ended at $29.3, wave ((b)) ended at $29.82, and wave ((c)) ended at $28.87. Wave X bounce ended at $29.92, and wave Y is expected to end at 28.09 – 28.79 with subdivision also as a zigzag. Wave ((a)) of Y ended at $29.o7, wave ((b)) of Y ended at $29.75, and wave ((c)) of Y is now in progress towards $28.09 – 28.79 before buyers appear. We don’t like selling the miners and expect buyers to appear in 3, 7, or 11 swing as far as pivot at 26.04 low stays intact.
GDX 1 Hour Elliott Wave Chart
GDX 1 Hour Elliott Wave Video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.