VanEck Gold miners ETF – GDX Elliott Wave technical analysis [Video]
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VanEck Gold miners ETF – GDX Elliott Wave analysis
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Function: Major Trend.
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Mode: Motive.
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Structure: Impulse.
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Position: Wave [iii] (navy).
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Direction: Rally
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Details:
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GDX has entered the strongest phase of an impulse wave — the third of a third of a third, known for rapid price movement.
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Target price for wave [iii] is $55.24.
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$42.00 is the key support level.
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Invalidation level: $40.26 — any drop below this would nullify the current wave count.
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Function: Major Trend (Minor degree, grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave [iii].
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Direction: Rally.
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Details:
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Wave [iii] has confirmed its presence by breaking above $46.71, a significant bullish signal.
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To fully validate this wave, watch for a break above the upper boundary of the KCT Base Channel.
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Wave [iii] projection: expected to extend 1.618 times wave [i], targeting $55.24.
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Invalidation level remains $40.26.
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Conclusion and strategy
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GDX is in the early stages of a bullish impulse, with the most powerful wave segment currently in play.
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The rally remains intact, and momentum is building toward the projected $55.24 level.
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Traders should track wave development closely and respect the invalidation point ($40.26) to manage risk.
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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]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
