Gold miners junior ETF (GDXJ) extending higher
GDXJ, or the VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund that tracks the performance of small-cap gold mining companies. It provides investors exposure to junior gold mining companies, which are typically smaller and more volatile than their larger counterparts. This ETF offers a convenient way for investors to gain diversified exposure to the junior gold mining sector without having to select individual stocks. Below we update the Elliott Wave outlook for the ETF.
GDXJ monthly Elliott Wave view
Monthly chart of Gold Miners Junior ETF (GDXJ) above shows that the ETF ended wave ((II)) in grand super cycle degree at 16.14. From there, it starts a new bullish leg higher in the form of a nest. Up from wave ((II)), wave (I) ended at 52.5 and pullback in wave (II) ended at 19.52. The ETF then extends higher in wave (III). Up from wave (II), wave I ended at 65.95 and pullback in wave II ended at 25.80. While above 15.69, expect the ETF to extend higher.
GDXJ daily Elliott Wave view
Daily Elliott Wave Chart of GDXJ above shows wave II pullback ended at 25.88. Rally from there is now in progress as a 5 waves diagonal. Up from wave II, wave (1) ended at 41.16 and pullback in wave (2) ended at 30.46. Rally in wave (3) ended at 49.13 and wave (4) pullback ended at 40.26. Expect the ETF to continue higher in wave (5) and dips to find support in 3, 7, or 11 swing against 25.88 low.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
