VanEck Gold Miners ETF – GDX Elliott Wave Technical Analysis Monthly Chart

GDX Elliott Wave Technical Analysis

Function: Major Trend (Primary Degree – Navy)

Mode: Motive

Structure: Post-Triangle Thrust

Position: Wave (3) of [5]

Direction: Upside Rally

Details:

• GDX has broken out of a long-term triangle wave [4], reinforcing the continuation of the bullish trend.
• The price action suggests the early stages of a long-term uptrend, with new all-time highs anticipated.
• If wave 2 has concluded, a strong rally is expected in the coming weeks or months.
• Invalidation Level: $25.62

VanEck Gold Miners ETF – GDX Elliott Wave Technical Analysis Weekly Chart

GDX Elliott Wave Technical Analysis

Function: Major Trend (Primary Degree – Navy)

Mode: Motive

Structure: Impulse Wave

Position: Wave 3 of (3)

Direction: Uptrend

Details:

• If wave (2) correction has ended, GDX is positioned for a significant rally to complete the five-wave impulsive structure.
• The recent low serves as a key support level, signaling the probable completion of wave (2).
• A breakout above $44.22 is required to confirm the continuation of the uptrend.
• Invalidation Level: $33.42

Technical Analyst: Siinom

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Conclusion

• The Elliott Wave analysis indicates that GDX ETF is in a strong impulsive phase, reinforcing its long-term bullish trajectory.
• The ETF presents a strategic trading opportunity, with the potential to surpass its all-time high.
• Adhering to Elliott Wave principles and monitoring invalidation levels is essential to managing risk effectively.