Wave 3 is still in its early development, currently reaching only the 61.8% extension, indicating more upside potential.
Subwave 1 of 3 is not yet complete, followed by an expected subwave 2 correction, which should hold above $38.58.
The peak of wave 1 is likely to act as support, providing a launch point for the next rally phase.

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

Chart: Hourly.

Function: Major Trend (Minor Degree, Grey).

Mode: Motive.

Structure: Impulse.

Position: Wave (v) Orange.

Direction: Rally.

Invalidation Level: $43.85.

Details:

The rally should continue slightly higher after the bottom of wave (iv).
Wave (v) of [i] is expected to complete this rally phase before a mini-decline.
The expected decline will likely bottom near the previous high at $42.31.

Conclusion

GDX remains in an active rally, and the uptrend is still young.
After hitting the 61.8% extension, the next target is the 100% extension.
A wave [ii] correction offers a potential buying opportunity.
Traders should strictly follow Elliott Wave principles and monitor invalidation levels to avoid losses.

VanEck Gold Miners ETF – GDX Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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