VanEck Gold Miners ETF – GDX (1D) Elliott Wave Forecast

GDX Daily Chart Analysis

GDX (1D) Elliott Wave Technical Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave [i] (Navy)

Direction: Uptrend

Invalidation Level: $38.58

Analysis Summary:

• Wave 3 remains in an early phase, having only reached the 61.8% Fibonacci extension, suggesting additional upside movement for GDX.
• Subwave 1 of 3 is still progressing. A corrective subwave 2 is anticipated next, which should hold above the critical invalidation level at $38.58.
• The top of wave 1 is likely to act as a key support area, setting up for the next bullish breakout in the ongoing impulse structure.

VanEck Gold Miners ETF – GDX (4H) Elliott Wave Forecast

VanEck Gold Miners ETF Chart: 4-Hour

Function: Major Trend (Minor Degree, Grey)

Mode: Motive

Structure: Impulse

Position: Wave (v) (Orange)

Direction: Uptrend

Invalidation Level: $43.85

Analysis Summary:

• The bullish move is likely to push slightly higher following the low of wave (iv).
• Wave (v) of [i] is nearing completion, marking the end of this impulsive advance. Afterward, a minor correction is expected.
• This pullback is projected to find support near the previous high at $42.31 before the next leg up.

Technical Analyst: Siinom

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Technical Conclusion:

• The VanEck Gold Miners ETF (GDX) continues in a developing bullish phase.
• After achieving the 61.8% Fibonacci extension, the next resistance target lies at the 100% extension level.
• A corrective wave [ii] may present a strong buying opportunity for traders watching the ongoing trend.
• To minimize risk, traders should follow the Elliott Wave count closely and respect invalidation levels at $38.58 and $43.85.