VanEck Gold Miners ETF – GDX Elliott Wave Analysis - TradingLounge Daily Chart

GDX (1D) – Daily Chart Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave [iii] (navy)

Direction: Rally

Details:

The VanEck Gold Miners ETF (GDX) is advancing through the strongest segment of its impulse wave—Wave [iii] of Wave (iii). This phase typically indicates strong upward momentum and accelerated price action.

• Target price for Wave [iii]: $55.24
• Key support level: $42.00
• Invalidation point: $40.26 — any move below this would invalidate the current wave count.

VanEck Gold Miners ETF – GDX Elliott Wave Analysis - TradingLounge 4-Hour Chart Analysis

Function: Major Trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave [iii]

Direction: Rally

Details:

• GDX's 4-hour chart confirms the emergence of Wave [iii] through a decisive breakout above $46.71, marking a strong bullish continuation signal.
• A break above the KCT Base Channel's upper limit will reinforce this wave's strength.
• Wave [iii] projection: A likely extension to 1.618 times Wave [i], setting sights on $55.24.

Invalidation point remains: $40.26

Technical Analyst: Siinom

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Conclusion & Strategy

GDX is currently navigating through the early stages of a powerful bullish impulse, specifically within the most dynamic section of the Elliott Wave sequence.

• The bullish rally is well-supported by wave structure and momentum.
• $55.24 remains the price objective, provided the structure holds above $40.26.
• Traders are encouraged to closely monitor wave formation and strictly observe the invalidation level to manage risk effectively.
• The wave count adheres to traditional Elliott Wave principles, offering a high-confidence technical setup.