GDXJ – Gold miners junior: Impulse rally in motion
|The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that provides exposure to small- and mid-cap companies primarily engaged in gold and silver mining worldwide. In this article, we will explore the long term Elliott Wave technical path of the ETF.
GDXJ monthly Elliott Wave view
On the monthly timeframe, the Elliott Wave outlook for the Junior Gold Miners ETF ($GDXJ) highlights a significant structural development. The grand super cycle wave ((II)) found completion at $17.94, establishing a pivotal low. From that foundation, the ETF began a sustained advance, unfolding in the form of a nested impulse sequence. The initial rally carried wave (I) to $52.50 before a corrective decline in wave (II) retraced to $19.52. Strength then returned, propelling the instrument into wave (III).
Within this larger advance, the internal structure has also revealed clear subdivisions. From the wave (II) base, wave I extended to $65.95, followed by a corrective phase in wave II that concluded at $25.80. The broader trend remains constructive, provided the $17.94 low continues to hold as firm support. With that level intact, the ETF retains the potential to sustain its upward trajectory, consistent with the ongoing impulse pattern.
GDXJ daily Elliott Wave view
According to the daily Elliott Wave analysis of the VanEck Junior Gold Miners ETF (GDXJ), the major corrective wave II bottomed out at approximately $26. Within this framework, the ongoing wave III is developing as a clear impulsive advance with nested subdivisions. Starting from the wave II low, the initial subdivision ((1)) topped around $55.60. A corrective wave ((2)) then retraced to near $42. The rally then continued strongly into ((3)), which itself shows impulsive characteristics. Within ((3)), subwave (1) climaxed near $67, followed by a (2) correction down to about $57.50.
Subwave (3) of ((3)) appears close to completion at current levels, setting the stage for a wave (4) retracement shortly, after which the advance should resume in wave (5). On a shorter-term basis, provided the key pivot around $26 remains unbroken, any near-term dips are likely to find buyers in a 3-, 7-, or 11-swing sequence, allowing the broader uptrend to persist and push prices further upward.
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.