VanEck Gold miners ETF – GDX Elliott Wave technical analysis [Video]
|VanEck Gold miners ETF – GDX (1M) Elliott Wave technical analysis
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Function: Major Trend (Primary Degree – Navy).
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Mode: Motive.
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Structure: Post-Triangle Thrust.
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Position: Wave (3) of [5].
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Direction: Upside Rally.
Details:
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The bullish trend continues as GDX has broken out of a long-term triangle wave [4].
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New all-time highs are expected since the trend is still in its early phase.
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With wave 2 potentially completed, a strong rally is anticipated in the coming weeks or months.
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Invalidation Level: $25.62
VanEck Gold miners ETF – GDX (1W) Elliott Wave technical analysis
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Function: Major Trend (Primary Degree – Navy).
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Mode: Motive.
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Structure: Impulse Wave.
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Position: Wave 3 of (3).
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Direction: Uptrend.
Details:
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If wave (2) correction is over, GDX should rally to higher prices to complete the five-wave upward movement.
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The recent low now serves as critical support, indicating the completion of wave (2).
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The market must break above $44.22 to confirm the uptrend.
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Invalidation Level: $33.42
Conclusion
The summary of the Elliott Wave analyses above highlights:
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GDX ETF is exhibiting strong impulsive waves, signaling long-term rally potential.
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This presents a trading opportunity to ride a wave that could surpass the current all-time high in GDX.
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Following Elliott Wave rules and monitoring invalidation levels is crucial to minimize potential losses.
Technical analyst: Siinom.
VanEck Gold miners ETF [Video]
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