Elliott Wave Expects Gold Miners ETF (GDX) to Continue Rally
Short Term Elliott Wave View in Gold Miners Junior (GDX) shows that cycle from 10.4.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 10.4.2023 low, wave 1 ended at 32.35 and pullback in wave 2 ended at 25.67. Wave 3 higher ended at 37.47 and dips in wave 4 ended at 32.83 like the 1 hour chart below shows. The ETF has turned higher in wave 5 with internal subdivision as another impulse in lesser degree.
Up from wave 4, wave i ended at 33.35 and wave ii ended at 32.98. Wave iii higher ended at 34.79 and pullback in wave iv ended at 34.35. Final wave v higher ended at 34.83 which completed wave (i) in higher degree. Wave (ii) dips unfolded as a zigzag Elliott Wave structure. Down from wave (ii), wave a ended at 33.8 and wave b ended at 34.58. Wave c lower ended at 33.28 which completed wave (ii). The ETF has rallied higher again. Up from wave (ii), wave i ended at 34.63 and wave ii ended at 33.65.
Wave iii higher ended at 36.53, and dips in wave iv ended at 35.51. Expect wave v to end soon which should complete wave (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 6.26.2024 low before it resumes higher again. Near term, as far as pivot at 32.83 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
Up from wave 4, wave i ended at 33.35 and wave ii ended at 32.98. Wave iii higher ended at 34.79 and pullback in wave iv ended at 34.35. Final wave v higher ended at 34.83 which completed wave (i) in higher degree. Wave (ii) dips unfolded as a zigzag Elliott Wave structure. Down from wave (ii), wave a ended at 33.8 and wave b ended at 34.58. Wave c lower ended at 33.28 which completed wave (ii). The ETF has rallied higher again. Up from wave (ii), wave i ended at 34.63 and wave ii ended at 33.65.
Wave iii higher ended at 36.53, and dips in wave iv ended at 35.51. Expect wave v to end soon which should complete wave (iii). Afterwards, it should pullback in wave (iv) to correct cycle from 6.26.2024 low before it resumes higher again. Near term, as far as pivot at 32.83 low stays intact, expect pullback to find support in 3, 7, 11 swing for more upside.
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