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

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

Daily chart – Expanded flat correction nearing completion

Function: Counter trend.

Mode: Corrective.

Structure: Expanded Flat.

Position: Wave [c] of 4.

Direction: Bear market rally.

Details:

• Wave 4 is approaching its final subwave before the corrective phase concludes.

• The current rally is expected to retrace 38.2% to 50% of the decline from wave 3.

• A break above $51.10 will serve as strong confirmation of the expanded flat structure.

• The termination of wave 4 is projected near the $57.12 level.

• After the top of wave 4, a 5th wave decline is anticipated, targeting a level below the origin of wave 4.

Invalidation level: $32.36

Four-hour chart – Impulsive rally structure in play

Function: Major Trend (Minor Degree, Grey).

Mode: Motive.

Structure: Impulse.

Position: Wave [3] of iii.

Direction: Rally.

Details:

• The rally is expected to continue past the $44.48 high in a clear impulsive pattern.

• Wave [3] is likely to terminate between $41.10 and $42.31.

• The low of wave (2) is a key level to monitor for maintaining the bullish outlook.

• $36.33 serves as critical support and the invalidation level for this view.

Invalidation level: $36.33

Conclusion and strategic notes

• REMX is expected to continue rising in the near term.

• The market should surpass the end of wave [a] in this phase.

• The primary target is $57.12, where wave [c] may equal wave [a].

• This scenario presents a favorable opportunity for ETF-focused traders.

• Following Elliott Wave guidelines and respecting invalidation levels are vital to managing risk effectively.

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