VanEck Rare Earth & Strategic Metals ETF (REMX) Elliott Wave technical analysis [Video]
|VanEck Rare Earth & Strategic Metals ETF (REMX)
Weekly Elliott Wave technical analysis (one-week chart)
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Function: Countertrend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave 4 (Grey).
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Direction: Bear Market Rally.
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Invalidation level: $38.69.
Key analysis details:
Wave 4 is nearing its final subwave, signaling the end of the correction.
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The current rally is projected to retrace 38.2% to 50% of Wave 3's decline.
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A zigzag confirmation occurs when the Wave [a] high is broken.
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The end of Wave 4 should be supported by the Kennedy Base Channel, using Wave 3’s subwaves.
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The upper boundary of the corrective channel will likely act as resistance for Wave [c].
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After Wave 4 peaks, the 5th wave decline is expected to break below Wave 4’s origin.
Daily Elliott Wave technical analysis (one-day chart)
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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 [c] (Navy) of 4 (Grey).
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Direction: Rally.
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Invalidation level: $38.69.
Key analysis details:
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The rally should continue, surpassing the $51.10 high in an impulsive move.
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Wave [c] is expected to be shallow and complex, compared to Wave [a].
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The break of the $47.02 high confirms the ongoing rally.
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At $54.98, Wave [c] will equal Wave [a], following the common Fibonacci relationship in a zigzag pattern.
Conclusion and market outlook
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REMX is projected to climb in the coming days and weeks.
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The market should rally above the end of Wave [a].
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Major target: $54.98, where Wave [c] equals Wave [a].
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This presents a strong long opportunity for ETF traders.
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Traders should monitor Elliott Wave rules and invalidation levels to minimize risk.
VanEck Rare Earth & Strategic Metals ETF (REMX) Elliott Wave technical analysis [Video]
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