03Apr

GDX Elliott Wave Forecast Reveals VanEck Gold Miners ETF in Early Rally with Price Target Near $49 and Trading Opportunity

Greetings!

Since launching our US ETF sector coverage on March 11, we’ve paid close attention to the VanEck Gold Miners ETF (GDX) due to the promising setups the Elliott Wave Principle indicates. This blog is part of a series of GDX forecasts featuring detailed technical analysis and trading insights.

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

VanEck Gold Miners ETF – GDX  Daily Chart Analysis

GDX Elliott Wave Technical Analysis

Function: Major trend

Mode: Motive

Structure: Impulse

Position: Wave [i] navy

Direction: Rally

Details: Wave 3 is still in its early phase. With the current rally only reaching the 61.8% Fibonacci wave extension, this implies further bullish potential for GDX.

  • Subwave 1 of 3 is yet to complete, followed by a corrective subwave 2, which is expected to hold above the key support level at $38.59.
  • The Wave 1 peak is anticipated to serve as strong support for the expected correction, paving the way for Wave [iii] of 3 to the upside.

Invalidation level: $38.58

VanEck-Gold-Miners-E...


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

VanEck Gold Miners ETF – GDX 4-Hourly Chart

Function: Major trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (iv) orange

Direction: Rally

Details:

  • Wave (iv) of [i] is evolving as a contracting triangle. A small dip may complete the triangle before the post-triangle thrust begins.
  • The 5th wave of [i] is expected to drive prices higher toward the $49.00 target, marking the end of wave [i] before wave [ii] commences.

Invalidation level: $44.50

Technical Analyst: Siinom

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

See Previous: XLE – SPDR Energy Select Sector ETF Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

VanEck-Gold-Miners-E...


Conclusion:

Here’s the summary of the Elliott Wave analysis for GDX:

  • GDX remains in an early-stage uptrend.
  • The upcoming post-triangle breakout presents a strong short-term buying opportunity.
  • $49.00 remains the key price level for the termination of wave [i].
  • A corrective wave [ii] dip could offer an ideal entry point for long positions.
  • Following Elliott Wave guidelines and respecting invalidation levels is essential for risk management and consistent trading success.

Related

U.S. Dollar / Japanese Yen (USDJPY) Forex Elliott Wave Technical Analysis: Insight to Forecast Potential Market Moves

U.S. Dollar / Japanese Yen (USDJPY) Forex Elliott Wave Technical Analysis: Insight to Forecast Potential Market Moves

This article provides a comprehensive Elliott Wave analysis for USDJPY, covering both the daily and ...

Read More >
Eli Lilly & Co. (LLY) Elliott Wave Technical Analysis: Focusing on Stock Forecasts, Technical Chart Patterns, and Trading Strategies

Eli Lilly & Co. (LLY) Elliott Wave Technical Analysis: Focusing on Stock Forecasts, Technical Chart Patterns, and Trading Strategies

This article offers a detailed Elliott Wave analysis of Eli Lilly & Co. (LLY), focusing on stock for...

Read More >
NEO (NEOUSD) Crypto Price News Today Elliott Wave Technical Analysis: Triangle Wave C Analysis with Swing-Trade Setup

NEO (NEOUSD) Crypto Price News Today Elliott Wave Technical Analysis: Triangle Wave C Analysis with Swing-Trade Setup

An Elliott Wave breakdown of NEO/USD daily and 4-hour charts reveals a developing triangle pattern i...

Read More >
Market Indices in Focus: Elliott Wave Analysis and Trade Strategy Amid S&P 500 Decline

Market Indices in Focus: Elliott Wave Analysis and Trade Strategy Amid S&P 500 Decline

The S&P 500 saw its biggest drop since August as U.S. manufacturing continued to contract for the fi...

Read More >
Euro/ U.S. Dollar Elliott Wave Analysis: Structured Framework for Analyzing Potential EURUSD Price Action and Trading Opportunities

Euro/ U.S. Dollar Elliott Wave Analysis: Structured Framework for Analyzing Potential EURUSD Price Action and Trading Opportunities

EURUSD Elliott Wave analysis indicates a bullish trend, with Navy Blue Wave 1 forming within Gray Wa...

Read More >
INFOSYS – INFY Stock Elliott Wave Technical Analysis: Is a Major Top Forming? Prepare for Potential Correction

INFOSYS – INFY Stock Elliott Wave Technical Analysis: Is a Major Top Forming? Prepare for Potential Correction

This detailed Elliott Wave analysis of Infosys stock explores the recent price trends and potential ...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on