VanEck Rare Earth & Strategic Metals ETF (REMX) – Elliott Wave technical analysis [Video]
|VanEck Rare Earth & Strategic Metals ETF (REMX) – Elliott Wave technical analysis
Daily chart – Expanded flat correction nearing completion
Function: Counter trend.
Mode: Corrective.
Structure: Expanded Flat.
Position: Wave [c] of 4.
Direction: Bear market rally.
Details:
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Wave 4 is approaching its final subwave before the corrective phase concludes.
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The current rally is expected to retrace 38.2% to 50% of the decline from wave 3.
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A break above $51.10 will serve as strong confirmation of the expanded flat structure.
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The termination of wave 4 is projected near the $57.12 level.
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After the top of wave 4, a 5th wave decline is anticipated, targeting a level below the origin of wave 4.
Invalidation level: $32.36
Four-hour chart – Impulsive rally structure in play
Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave [3] of iii.
Direction: Rally.
Details:
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The rally is expected to continue past the $44.48 high in a clear impulsive pattern.
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Wave [3] is likely to terminate between $41.10 and $42.31.
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The low of wave (2) is a key level to monitor for maintaining the bullish outlook.
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$36.33 serves as critical support and the invalidation level for this view.
Invalidation level: $36.33
Conclusion and strategic notes
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REMX is expected to continue rising in the near term.
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The market should surpass the end of wave [a] in this phase.
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The primary target is $57.12, where wave [c] may equal wave [a].
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This scenario presents a favorable opportunity for ETF-focused traders.
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Following Elliott Wave guidelines and respecting invalidation levels are vital to managing risk effectively.
VanEck Rare Earth & Strategic Metals ETF (REMX) – Elliott Wave technical analysis [Video]
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