The short‑term Elliott Wave view in the Gold Miners ETF (GDX) shows that the cycle from the July 17 low remains in progress as a five‑wave impulsive rally. This structure is not yet complete, which implies further upside before a larger corrective phase develops. Wave 1 advanced to $77.99, followed by a pullback in wave 2 that ended at $72.17. From that level, wave 3 began and is unfolding with internal subdivisions that reveal another impulsive sequence of lesser degree. Within this advance, wave ((i)) ended at $76.03, while the corrective pullback in wave ((ii)) concluded at $72.92.
The current leg higher is wave ((iii)), which is expected to finish soon. Once complete, a pullback in wave ((iv)) should occur before another advance develops to complete wave ((v)) of 3. Afterward, the ETF should enter wave 4 and then wave 5, which will finalize the five‑wave rally from the July 17 low. At that point, a larger corrective phase is likely to emerge. Near term, the structure remains constructive as long as the pivot at $72.17 holds. Dips should continue to attract buyers, with corrective sequences unfolding in three, seven, or eleven swings before the next leg higher resumes.
GDX 45 Minute Elliott Wave Chart
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