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.

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