GDX Elliott Wave View: Showing Corrective Bounce

Video Length: 00:05;2

Short term Elliott wave view in GDX suggests that it is doing a recovery from March 03, 2021 low in a corrective structure. The internals of that bounce is unfolding as Elliott wave zigzag structure where the first leg of the bounce ended in wave A at $34.48 high. Down from there, the GDX made a 3 wave pullback in wave B with another lesser degree zigzag structure. While the lesser degree wave ((a)) ended in 5 waves at $31.91 low. Wave ((b)) bounce ended in 3 swings at $32.96 high and wave ((c)) ended at $31.65 low thus completed wave B pullback.

Afterward, the ETF is trading higher in the next leg higher within wave C. The internals of the current bounce is unfolding as an impulse sequence where wave ((i)) ended at $32.79  high. Wave ((ii)) ended at $32.42 low, wave ((iii)) ended at $34.59 high and wave ((iv)) ended at $33.83 low. Near-term, as far as the pivot from $31.65 low stays intact then GDX is expected to take the extension higher in wave ((v)) towards $35.47- $37.83 area higher. Before it ends the cycle from 03, 2021 low in a zigzag structure & consequently the correction against the cycle from January 05, 2021 peak.

GDX 1 Hour Elliott Wave Chart

(Click on image to enlarge)

GDX Elliott Wave View: Showing Corrective Bounce


Disclaimer: Futures, options, and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for ...

How did you like this article? Let us know so we can better customize your reading experience.


Leave a comment to automatically be entered into our contest to win a free Echo Show.