VanEck Gold Miners ETF – GDX (1D) Elliott Wave technical analysis
Chart: Daily.
Function: Major Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave [i] Navy.
Direction: Rally.
Invalidation Level: $38.58.
Details:
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Wave 3 is still in its early development, currently reaching only the 61.8% extension, indicating more upside potential.
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Subwave 1 of 3 is not yet complete, followed by an expected subwave 2 correction, which should hold above $38.58.
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The peak of wave 1 is likely to act as support, providing a launch point for the next rally phase.
VanEck Gold Miners ETF – GDX (4H) Elliott Wave technical analysis
Chart: Hourly.
Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (v) Orange.
Direction: Rally.
Invalidation Level: $43.85.
Details:
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The rally should continue slightly higher after the bottom of wave (iv).
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Wave (v) of [i] is expected to complete this rally phase before a mini-decline.
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The expected decline will likely bottom near the previous high at $42.31.
Conclusion
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GDX remains in an active rally, and the uptrend is still young.
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After hitting the 61.8% extension, the next target is the 100% extension.
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A wave [ii] correction offers a potential buying opportunity.
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Traders should strictly follow Elliott Wave principles and monitor invalidation levels to avoid losses.
VanEck Gold Miners ETF – GDX Elliott Wave technical analysis [Video]
