Gold Miners Junior (GDXJ) strong nesting impulse in progress

The GDXJ (VanEck Junior Gold Miners ETF) tracks a market-cap-weighted index of global junior gold and silver mining companies, offering investors exposure to smaller, high-growth potential firms in the precious metals sector. Recent Elliott Wave analysis suggests GDXJ is in a bullish phase, with the monthly chart indicating a grand super cycle wave ((II)) low at $17.94, followed by an impulsive wave (III) driving the ETF higher, currently supported by a daily chart showing wave III in progress from a $26.10 low, with expectations of further upside as long as key pivots hold. In this article, we will explore the long term Elliott Wave technical path of the ETF.

GDXJ monthly Elliott Wave view

The monthly Elliott Wave chart for the $GDXJ (Junior Gold Miners ETF) indicates that the grand super cycle wave ((II)) concluded at $17.94. The ETF has since turned upward, exhibiting a nested Elliott Wave impulse structure. From the wave ((II)) low, wave (I) peaked at $52.50, followed by a pullback in wave (II) to $19.52. The ETF has resumed its ascent in wave (III). From the wave (II) low, wave I reached $65.95, with a subsequent pullback in wave II ending at $25.80. As long as the $17.94 pivot low holds, the ETF is expected to continue its upward trajectory.

GDXJ daily Elliott Wave view

The daily Elliott Wave chart for the GDXJ (Junior Gold Miners ETF) indicates that wave II concluded at $26.10. Wave III is currently unfolding as a five-wave impulsive Elliott Wave structure. From the wave II low, wave ((1)) peaked at $55.58, followed by a wave ((2)) pullback to $41.85. The ETF has since resumed its upward move in wave ((3)), displaying another impulsive structure. From the wave ((2)) low, wave (1) reached $66.80, with wave (2) dips ending at $57.40. In the near term, as long as the $26.10 pivot low remains intact, the ETF is expected to continue extending higher.