VanEck Gold Miners ETF (GDX) Elliott Wave technical analysis [Video]
|GDX daily chart analysis (one-day)
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Function: Major Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave [iii] navy.
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Direction: Rally.
Details:
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Wave 3 has entered its strongest phase — the third of a third of a third.
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The next rally is expected to reach around $55.24 for wave [iii], with the potential to extend even higher.
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A possible wave extension suggests a long-term bullish move is unfolding.
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Key support level: $42.00.
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Invalidation level: $40.26.
GDX four-hour chart analysis (four-hour)
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Function: Major Trend (Minor Degree, Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave (ii) of [iii].
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Direction: Mini decline.
Details:
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Wave (i) of [iii] has completed, and wave (ii) is now forming.
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The ongoing decline should find support around the $46.00 level, close to the centerline of the Kennedy Base Channel of wave [i].
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A minor final push downward is expected before a strong rally in wave (iii) resumes.
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.Suggested entry: $49.410.
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Stop loss: Just below $42.770.
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Invalidation level: $40.27.
Conclusion
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GDX remains in a young and developing uptrend.
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The current phase demands patience, as traders wait for a clearer setup to rejoin the rally.
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$40.27 serves as the critical invalidation level for the bullish count.
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Strict adherence to Elliott Wave rules and attention to invalidation points is essential to minimize trading risks.
VanEck Gold Miners ETF (GDX) Elliott Wave technical analysis [Video]
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