VanEck Gold miners ETF – GDX Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

VanEck Gold miners ETF – GDX (1M) Elliott Wave technical analysis

Function: Major Trend (Primary Degree – Navy).
Mode: Motive.
Structure: Post-Triangle Thrust.
Position: Wave (3) of [5].
Direction: Upside Rally.

Details:

The bullish trend continues as GDX has broken out of a long-term triangle wave [4].
New all-time highs are expected since the trend is still in its early phase.
With wave 2 potentially completed, a strong rally is anticipated in the coming weeks or months.
Invalidation Level: $25.62

VanEck Gold miners ETF – GDX (1W) Elliott Wave technical analysis

Function: Major Trend (Primary Degree – Navy).
Mode: Motive.
Structure: Impulse Wave.
Position: Wave 3 of (3).
Direction: Uptrend.

Details:

If wave (2) correction is over, GDX should rally to higher prices to complete the five-wave upward movement.
The recent low now serves as critical support, indicating the completion of wave (2).
The market must break above $44.22 to confirm the uptrend.
Invalidation Level: $33.42

Conclusion

The summary of the Elliott Wave analyses above highlights:

GDX ETF is exhibiting strong impulsive waves, signaling long-term rally potential.
This presents a trading opportunity to ride a wave that could surpass the current all-time high in GDX.
Following Elliott Wave rules and monitoring invalidation levels is crucial to minimize potential losses.

Technical analyst: Siinom.

VanEck Gold miners ETF [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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