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

VanEck Rare Earth & Strategic Metals ETF – REMX (one-day) Elliott Wave technical analysis

• Function: Countertrend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave [c] of 4.

• Direction: Bear Market Rally.

• Invalidation Level: $32.36.

Analysis summary

The REMX ETF is currently in wave 4, which appears to be in its final subwave before completing the correction. This countertrend rally is anticipated to retrace between 38.2% to 50% of the previous wave 3 decline. A key confirmation of this expanded flat pattern will be breaking above the $51.10 high.

Wave 4 is likely to terminate around the $57.12 level. Once completed, a new impulsive decline in wave 5 is expected to follow, taking prices below the origin of wave 4. Traders should monitor the structure carefully as the current pattern nears its conclusion.

VanEck Rare Earth & Strategic Metals ETF – REMX (four-hour) Elliott Wave technical analysis

• Function: Major Trend (Minor Degree).

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [c] (navy) of 4 (grey).

• Direction: Rally.

• Invalidation level: $32.35.

Short-term outlook

The intraday setup points to a fast-developing impulsive rally in wave [c], which is the final segment of wave 4. This leg is expected to take out the previous $51.10 high and extend toward the wave [a] high. A strong upward push is anticipated in the coming sessions, marking the end of this corrective phase.

Conclusion

REMX is positioned for a bullish move in the short to medium term. The target zone lies between $51.10 and $57.12, driven by the final stages of wave 4. This offers a potential opportunity for bullish ETF positions, with close monitoring of the invalidation levels to manage risk effectively.

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