VanEck gold miners ETF ($GDX) reacts lower from the blue box area

In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX). The pullback from 7.18.2023 high unfolded as a 5 wave impulse with an incomplete bearish sequence from 5.04.2023 high. So, we advised members to sell the bounce in 3 swings at the blue box area ($29.71– 30.75). We will explain the structure & forecast below:

$GDX 1H Elliott Wave chart 8.30.2023

Here is the 1H Elliott Wave count from 8.30.2023. The bounce from 8.21.2023 at red A unfolded in a zigzag structure (abc) where sellers were expected to appear at $29.71– 30.75.

$GDX 1H Elliott Wave chart 9.06.2023

Here is the 1H update from 9.06.2023 showing the move taking place as expected. The ETF has reacted lower from the blue box allowing shorts to get a risk free position. Alternatively, the bounce can become 7 swings before lower again. Near term, we like it lower towards 25.44 – 23.67 before a reaction higher can take place.