Elliott Wave Crossroads For GDXJ: Approaching A Key Pivot Between A Bottoming Turn And A Larger Double‑Correction

GDXJ, the VanEck Junior Gold Miners ETF, offers targeted exposure to small‑ and mid‑cap gold mining companies,. As a higher‑beta proxy for the precious‑metals complex, GDXJ often amplifies both upside momentum and downside corrections. In the analysis below, we will look at the Elliott Wave outlook for the ETF.

GDXJ Monthly Elliott Wave View

The monthly chart of GDXJ shows that the ETF established a major low in 2016. From that base, price has been advancing in a powerful nesting impulse. Wave (I) topped at $52.50, followed by a deep retracement in wave (II) to $19.52. The structure then nested higher within wave (III), with wave I peaking at $65.95. Pullback in wave II completed at $25.80. A strong extension unfolded thereafter, carrying wave III to $156.32, before the corrective wave IV completed at $89.83. In the near term, the broader pattern favors additional upside as GDXJ works to complete wave V of (III).

GDXJ Daily Elliott Wave View

Daily Elliott Wave outlook for GDXJ above shows the rally to $157.49 ended wave III and this completed cycle from September 2022 low. Pullback in wave IV is proposed complete at $89.83 even though it still needs to break above wave III high to rule out a larger double correction. Near term, while above wave IV at $89.83 and more importantly above wave II pivot low on September 1 2022 at $25.8, expect the ETF to extend higher.