VanEck Gold Miners ETF ( $GDX ) Perfect Reaction From The Blue Box Area.

Hello everyone! In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of VanEck Gold Miners ETF ( $GDX ) . The rally from 2.28.2024 low at $25.64 unfolded as a 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

$GDX 4H Elliott Wave Chart 6.12.2024:

Here is the 4H Elliott Wave count from 6.12.2024. We expected the pullback against 2.28.2024 low at $25.64 to find buyers at the blue box area at 32.99 – 31.04 in 3 swings.

$GDX 4H Elliott Wave Chart 7.07.2024:

Here is the latest 4H update from 7.07.2024, showing the rally taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $40 – 45 area before another pullback can happen.