VanEck Rare Earth & Strategic Metals ETF (REMX) Elliott Wave technical analysis [Video]

VanEck Rare Earth & Strategic Metals ETF (REMX)

Weekly Elliott Wave technical analysis (one-week chart)

• Function: Countertrend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave 4 (Grey).

• Direction: Bear Market Rally.

• Invalidation level: $38.69.

Key analysis details:

Wave 4 is nearing its final subwave, signaling the end of the correction.

• The current rally is projected to retrace 38.2% to 50% of Wave 3's decline.

• A zigzag confirmation occurs when the Wave [a] high is broken.

• The end of Wave 4 should be supported by the Kennedy Base Channel, using Wave 3’s subwaves.

• The upper boundary of the corrective channel will likely act as resistance for Wave [c].

• After Wave 4 peaks, the 5th wave decline is expected to break below Wave 4’s origin.

Daily Elliott Wave technical analysis (one-day chart)

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

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [c] (Navy) of 4 (Grey).

• Direction: Rally.

• Invalidation level: $38.69.

Key analysis details:

• The rally should continue, surpassing the $51.10 high in an impulsive move.

• Wave [c] is expected to be shallow and complex, compared to Wave [a].

• The break of the $47.02 high confirms the ongoing rally.

• At $54.98, Wave [c] will equal Wave [a], following the common Fibonacci relationship in a zigzag pattern.

Conclusion and market outlook

• REMX is projected to climb in the coming days and weeks.

• The market should rally above the end of Wave [a].

• Major target: $54.98, where Wave [c] equals Wave [a].

• This presents a strong long opportunity for ETF traders.

• Traders should monitor Elliott Wave rules and invalidation levels to minimize risk.

VanEck Rare Earth & Strategic Metals ETF (REMX) Elliott Wave technical analysis [Video]