VanEck Rare Earth & Strategic Metals ETF (REMX)

Weekly Elliott Wave Technical Analysis (1W Chart)

• Function: Countertrend
• Mode: Corrective
• Structure: Zigzag
• Position: Wave 4 (Grey)
• Direction: Bear Market Rally
• Invalidation Level: $38.69

Key Analysis Details:

• Wave 4 is nearing its final subwave, signaling the end of the correction.
• The current rally is projected to retrace 38.2% to 50% of Wave 3's decline.
• A zigzag confirmation occurs when the Wave [a] high is broken.
• The end of Wave 4 should be supported by the Kennedy Base Channel, using Wave 3’s subwaves.
• The upper boundary of the corrective channel will likely act as resistance for Wave [c].
• After Wave 4 peaks, the 5th wave decline is expected to break below Wave 4’s origin.

Daily Elliott Wave Technical Analysis (1D Chart)

• Function: Major Trend (Minor Degree, Grey)
• Mode: Motive
• Structure: Impulse
• Position: Wave [c] (Navy) of 4 (Grey)
• Direction: Rally
• Invalidation Level: $38.69

Key Analysis Details:

• The rally should continue, surpassing the $51.10 high in an impulsive move.
• Wave [c] is expected to be shallow and complex, compared to Wave [a].
• The break of the $47.02 high confirms the ongoing rally.
• At $54.98, Wave [c] will equal Wave [a], following the common Fibonacci relationship in a zigzag pattern.

Conclusion & Market Outlook

• REMX is projected to climb in the coming days and weeks.
• The market should rally above the end of Wave [a].
• Major target: $54.98, where Wave [c] equals Wave [a].
• This presents a strong long opportunity for ETF traders.
• Traders should monitor Elliott Wave rules and invalidation levels to minimize risk.

Technical Analyst: Siinom

More By This Author:

Elliott Wave Technical Analysis: ASX Limited - Tuesday, March 18
Elliott Wave Technical Analysis: British Pound/Australian Dollar - Tuesday, March 18
VeChain Crypto Price Today