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VanEck Gold Miners ETF

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GDX trade ideas

Elliott Wave View: GDX Starts New Bullish CycleShort Term Elliott Wave view on GDX suggests cycle from October 4, 2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from October 4 low, wave (1) ended at 33.95 and pullback in wave (2) ended at 30.96. The ETF then extended higher and broke above wave (1), suggesting wave (3) has started. Up from wave (2) low, wave ((i)) ended at 32.69 and pullback in wave ((ii)) ended at 31.65. The ETF then extends higher in wave ((iii)) with internal subdivision as another impulse in lesser degree. Up from wave ((ii)) low, wave (i) ended at 33.15 and wave (ii) ended at 32.57. Wave (iii) ended at 34.83, wave (iv) ended at 34.21, and wave (v) of ((iii)) ended at 35.01. Pullback in wave ((iv)) ended at 34.47. Near term, while dips stay above 30.96, expect the ETF to extend higher in wave ((v)). This move should also end wave 1 in higher degree and complete cycle from November 3 low. Afterwards, GDX should pullback in wave 2 to correct cycle from November 3 low in 3, 7, or 11 swing before the rally resumes. Potential target higher is 100% – 161.8% fibonacci extension from October 4 low towards 36.17 – 39.37. Near term, as far as pivot at 30.96 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
AMEX:GDX
by Elliottwave-Forecast
1
Will Jerome Powell Bury Gold Miners?The VanEck Gold Miners ETF has had a countertrend rally this month, rebounding from a 17-month low. But now could be the time sellers return. The first pattern on today’s chart is the $33.25 price zone. GDX bounced at this level in November and July. It marked the high in early September and seems to be resistance again this week. Next, stochastic has been in an overbought condition. This reading also marked tops in May, August and September. Third, consider upcoming events like the Federal Reserve meeting and non-farm payrolls next week. Those could potentially boost interest rates and the U.S. dollar, which may be negative for precious metals. Finally GDX is forming an inside week, a potential sign of its recent bounce slowing. This pattern also occurred at tops in August 2020 and May 2021. (See below.) TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:GDXShort
by TradeStation
$GDX - my gold countHey Guys Normally when I trade gold its via options on GDX. Someone asked me to look at my take on gold so here it is. We are still looking for a wave 2 bottom and I am seeing us as having finished off wave a of our final wave Y of Wave Y of wave 2. We are in this massive falling wedge structure as well and I am not seeing any RSI divergence on the daily (saw it on hourly frames but that is likely just pointing up for wave b). I think we fail here again at the upper TL around 31 a share again. From there I see the last leg flush heading towards the 61.8 extension & 100 extension zone. That is where wave Y's like to find bottom (although can be 161.8 I am not seeing that here). There is confluence in this area with our 61.8% retracement as well. My prediction: We will continue to rally until upper TL, from there we flush again and head down to our actual bottom at the 26.50-27.5 zone. That is a good "bottom" buy spot IMO. How to trade this: just alert on the Upper TL break. No reason to try to call a bottom. Lets get a falling wedge breakout and then grab a position at that point. Buy half on break out and buy half on retest
AMEX:GDX
by btwice53190
1