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

Peter Mathers TradingLounge

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]

Author

Peter Mathers

TradingLounge

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD flatlines below 1.1800 amid trading lull, awaits Fed Minutes

EUR/USD trades around a flatline below 1.1800 in European trading on Tuesday. The pair lacks any trading impetus as the US Dollar moves little amid market caution ahead of the Fed's December Meeting Minutes release, which could offer insights into the Federal Reserve’s 2026 outlook.

GBP/USD retakes 1.3500 despite the year-end grind

GBP/USD finds fresh demand and retakes 1.3500 on Tuesday as markets grind through the last trading week of the year. Despite the latest uptick, the pair is unlikely to see further progress due to the year-end holiday volumes.

Gold holds the bounce on Fed rate cut bets, safe-haven flows

Gold holds the rebound near $4,350 in the European trading hours on Tuesday. The precious metal recovers some lost ground after falling 4.5% in the previous session, which was Gold's largest single-day loss since October. Increased margin requirements on gold and silver futures by the Chicago Mercantile Exchange Group, one of the world’s largest trading floors for commodities, prompted widespread profit-taking and portfolio rebalancing.

Tron steadies as Justin Sun invests $18 million in Tron Inc.

Tron (TRX) trades above $0.2800 at press time on Monday, hovering below the 50-day Exponential Moving Average (EMA) at $0.2859.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is. Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).