Wave 4 is now moving through its final subwave before the correction concludes.
The current rally is anticipated to retrace between 38.2% and 50% of the wave 3 decline.
A key confirmation of the expanded flat structure will be surpassing the $51.10 high.
The expected termination point for wave 4 is around the $57.12 level.
After wave 4 peaks, a wave 5 decline is expected, likely falling below the origin of wave 4.

Invalidation Level: $32.36.

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

Function: Major Trend (Minor Degree, Grey).

Mode: Motive.

Structure: Impulse.

Position: Wave [c] Navy of 4 Grey.

Direction: Rally.

Details:

The rally should continue, aiming to break the $51.10 high with impulsive strength.
Wave [c] is projected to advance swiftly toward the previous wave [a] high.
This is the final leg of wave 4.
There is a potential wave extension, suggesting progression into wave iii of (iii).
Critical support holding for this scenario is at $36.33.

Invalidation Level: $36.33.

VanEck Rare Earth & Strategic Metals ETF – REMX 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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