VanEck Rare Earth & Strategic Metals ETF (REMX) Weekly Elliott Wave Technical Analysis (1W Chart) & Technical Analysis

REMX Elliott Wave Analysis

Function: Countertrend

Mode: Corrective

Structure: Zigzag

Position: Wave 4 (Grey)

Direction: Bear Market Rally

Invalidation Level: $38.69

Key Analysis Details:

• Wave 4 is approaching its final subwave, signaling the correction's end.
• The rally is expected to retrace 38.2% to 50% of Wave 3's decline.
• A zigzag confirmation is established once the Wave [a] high is breached.
• Wave 4 should be supported by the Kennedy Base Channel, leveraging Wave 3’s subwaves.
• The upper boundary of the corrective channel will likely serve as resistance for Wave [c].
• Once Wave 4 peaks, the 5th wave decline is expected to fall below Wave 4’s origin.

VanEck Rare Earth & Strategic Metals ETF (REMX) Daily Elliott Wave Technical Analysis (1D Chart) & Technical Analysis

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, exceeding the $51.10 high with an impulsive move.
• Wave [c] is expected to be shallow and complex, compared to Wave [a].
• A break of $47.02 confirms the rally's continuation.
• At $54.98, Wave [c] will equal Wave [a], aligning with a typical Fibonacci ratio in a zigzag pattern.

Technical Analyst: Siinom

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Conclusion & Market Outlook

• REMX is expected to rise over the coming days and weeks.
• The market should surpass the Wave [a] high as the rally progresses.
• Major target: $54.98, where Wave [c] reaches Wave [a] equivalence.
• This presents a strong long opportunity for ETF traders.
• Traders should closely monitor Elliott Wave rules and invalidation levels to manage risk effectively.