Elliott Wave Forecast: Gold miners ETF (GDX) eyes $80.6-$82.5 in Wave 5

The short-term Elliott Wave analysis for the Gold Miners ETF (GDX) indicates a rally from the June 27, 2025, low, unfolding as a five-wave impulse structure. Starting from that low, wave 1 peaked at $54.78, followed by a wave 2 dip concluding at $51.37. The ETF then surged in wave 3, reaching $79.49, as illustrated in the one-hour chart. Subsequently, wave 4 unfolded as a flat correction pattern. From the wave 3 high, wave ((a)) declined to $76.69, wave ((b)) rebounded to $79.59, and wave ((c)) completed the pullback at $74.58, finalizing wave 4.

The ETF has since resumed its upward trajectory in wave 5. From the wave 4 low, wave (i) advanced to $76.35, with a corrective wave (ii) pullback ending at $74.93. In the near term, as long as the pivot low at $67.23 holds, the ETF should find support in a 3, 7, or 11 swing pattern, favoring further upside. The projected target for wave 5 lies between the 123.6% and 161.8% inverse retracement levels of wave 4, corresponding to a price range of $80.60 to $82.50, where wave 5 may conclude. This analysis suggests continued bullish momentum, provided key support levels remain intact.

Gold Miners ETF (GDX) – 60 Minute Elliott Wave technical chart