Gold Miners Junior (GDXJ) looking to end flat correction

GDXJ, short for VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund (ETF) that focuses on providing exposure to junior companies involved in the exploration and mining of gold and other precious metals. This ETF is designed to track the performance of small and mid cap companies within the global gold mining industry. The ETF is still in the process of ending an expanded flat correction. Below we will take a look at the Elliott Wave outlook for the ETF.

GDXJ daily Elliott Wave view

Daily Elliott Wave Chart of GDXJ above shows that the ETF has ended wave II at 25.96. Up from there, wave ((1)) ended at 41.16 and wave ((2)) pullback remains in progress as an expanded flat. Wave (A) of ((2)) ended at 32.25 and wave (B) of ((2)) ended at 43.89. Wave (C) of ((2)) is in progress lower to retest 25.96. As far as 9.26.2022 pivot at 25.96 is holding, expect the ETF to extend higher.

GDXJ 4 hour Elliott Wave view

4 Hour Elliott Wave Chart of GDXJ above shows that the ETF still remains in selling pressure within wave C of ((2)).  As far as the ETF stays below 43.88, expect further downside in the next several days/weeks to retest the low on 9.26.2022 at 25.96.