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

VanEck Gold miners ETF – GDX Elliott Wave analysis

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [iii] (navy).

• Direction: Rally

• Details:

  • GDX has entered the strongest phase of an impulse wave — the third of a third of a third, known for rapid price movement.

  • Target price for wave [iii] is $55.24.

  • $42.00 is the key support level.

  • Invalidation level: $40.26 — any drop below this would nullify the current wave count.

• Function: Major Trend (Minor degree, grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [iii].

• Direction: Rally.

• Details:

  • Wave [iii] has confirmed its presence by breaking above $46.71, a significant bullish signal.

  • To fully validate this wave, watch for a break above the upper boundary of the KCT Base Channel.

  • Wave [iii] projection: expected to extend 1.618 times wave [i], targeting $55.24.

  • Invalidation level remains $40.26.

Conclusion and strategy

• GDX is in the early stages of a bullish impulse, with the most powerful wave segment currently in play.

• The rally remains intact, and momentum is building toward the projected $55.24 level.

• Traders should track wave development closely and respect the invalidation point ($40.26) to manage risk.

• The structure aligns strongly with classic Elliott Wave rules, indicating a high-confidence trade setup.

TradingLounge – Analyst: Siinom.

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