VanEck Gold Miners ETF – GDX (1M) Elliott Wave Technical Analysis

Monthly Chart

• Function: Major Trend (Primary Degree – Navy)
• Mode: Motive
• Structure: Post-Triangle Thrust
• Position: Wave (3) of [5]
• Direction: Upside Rally

Details:

• The bullish trend continues as GDX has broken out of a long-term triangle wave [4].
• New all-time highs are expected since the trend is still in its early phase.
• With wave 2 potentially completed, a strong rally is anticipated in the coming weeks or months.
• Invalidation Level: $25.62

VanEck Gold Miners ETF – GDX (1W) Elliott Wave Technical Analysis

Weekly Chart

• Function: Major Trend (Primary Degree – Navy)
• Mode: Motive
• Structure: Impulse Wave
• Position: Wave 3 of (3)
• Direction: Uptrend

Details:

• If wave (2) correction is over, GDX should rally to higher prices to complete the five-wave upward movement.
• The recent low now serves as critical support, indicating the completion of wave (2).
• The market must break above $44.22 to confirm the uptrend.
• Invalidation Level: $33.42

Conclusion

The summary of the Elliott Wave analyses above highlights:

• GDX ETF is exhibiting strong impulsive waves, signaling long-term rally potential.
• This presents a trading opportunity to ride a wave that could surpass the current all-time high in GDX.
• Following Elliott Wave rules and monitoring invalidation levels is crucial to minimize potential losses.

Technical Analyst: Siinom

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