10Mar

VanEck Gold Miners ETF (GDX) Elliott Wave Analysis: Bullish Trend, Resistance & Support Levels, and Investment Opportunities

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-m...


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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VanEck-Gold-Miners-w...


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.

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