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:

Wave 3 is still in its early development, currently reaching only the 61.8% extension, indicating more upside potential.

Subwave 1 of 3 is not yet complete, followed by an expected subwave 2 correction, which should hold above $38.58.

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:

The rally should continue slightly higher after the bottom of wave (iv).

Wave (v) of [i] is expected to complete this rally phase before a mini-decline.

The expected decline will likely bottom near the previous high at $42.31.

Conclusion:

GDX remains in an active rally, and the uptrend is still young.

After hitting the 61.8% extension, the next target is the 100% extension.

A wave [ii] correction offers a potential buying opportunity.

Traders should strictly follow Elliott Wave principles and monitor invalidation levels to avoid losses.

Technical Analyst: Siinom

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