Elliott Wave update on Gold miners junior (GDXJ)
The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that aims to replicate the performance of the Junior Gold Miners. This index tracks small-cap companies primarily involved in gold and silver mining. Launched on November 11, 2009, GDXJ offers investors exposure to a diversified portfolio of junior miners, which are often in the early stages of exploration and development, providing significant growth potential.
GDXJ monthly Elliott Wave view
Monthly chart of Gold Miners Junior ETF (GDXJ) above suggests pullback to 16.14 ended wave ((II)) in grand super cycle degree. The ETF then started a new nesting impulse. Up from wave ((II)), wave (I) ended at 52.5. Wave (II) pullback ended at 19.52 and the ETF is now extending higher in wave (III) as a nest. Up from wave (II), wave I ended at 65.95. Dips in wave II ended at 25.80. While above 16.14, expect the ETF to extend higher.
GDXJ daily Elliott Wave view
Daily Elliott Wave Chart of GDXJ above shows pullback to 25.88 ended wave II. Up from there, rally is in progress as a 5 waves diagonal. Wave (1) rally ended at 41.16 and wave (2) pullback ended at 30.46. The ETF then extended higher in wave (3) which ended at 49.13. Dips in wave (4) ended at 40.26 and it has extended higher again. Further upside in wave (5) should happen and pullback should find support in 3, 7, or 11 swing against 25.88 low.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
