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

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]