VanEck Gold Miners ETF (GDX) Elliott Wave technical analysis [Video]

GDX daily chart analysis (one-day)

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [iii] navy.

• Direction: Rally.

Details:

• Wave 3 has entered its strongest phase — the third of a third of a third.

• The next rally is expected to reach around $55.24 for wave [iii], with the potential to extend even higher.

• A possible wave extension suggests a long-term bullish move is unfolding.

• Key support level: $42.00.

• Invalidation level: $40.26.

GDX four-hour chart analysis (four-hour)

• Function: Major Trend (Minor Degree, Grey).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave (ii) of [iii].

• Direction: Mini decline.

Details:

• Wave (i) of [iii] has completed, and wave (ii) is now forming.

• The ongoing decline should find support around the $46.00 level, close to the centerline of the Kennedy Base Channel of wave [i].

• A minor final push downward is expected before a strong rally in wave (iii) resumes.

• .Suggested entry: $49.410.

• Stop loss: Just below $42.770.

• Invalidation level: $40.27.

Conclusion

• GDX remains in a young and developing uptrend.

• The current phase demands patience, as traders wait for a clearer setup to rejoin the rally.

• $40.27 serves as the critical invalidation level for the bullish count.

• Strict adherence to Elliott Wave rules and attention to invalidation points is essential to minimize trading risks.

VanEck Gold Miners ETF (GDX) Elliott Wave technical analysis [Video]