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VanEck Gold Miners ETF

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GDX trade ideas

GDX- Bullish/Bearish BiasAs you can see from the chart, listed above are the bullish and bearish counts for Elliot Wave. The current PA suggests a bullish bias however if tomorrow FED raises Interest Rates or is Dovish. We could see the bearish count in play which means ABC in red is complete and the downside target is 28. Now the PA can push through the invalidation level of 30.3 and drop as well. For bullish PA that is above 30.3 hourly/4hour, First Target for TP will be 30.88.
AMEX:GDX
by Aman_FX
GDX Lower Low Sequence Supports More DownsideThe short-term Elliott wave view in GDX suggests that the cycle from the 5 May 2023 peak is showing a 5 swings lower low sequence in higher time frame charts. Supporting more downside in the instrument. The decline from that peak is unfolding as an Elliott wave zigzag correction where wave (A) ended at $30.11 low. Wave (B) bounce unfolded as a lesser degree flat correction where wave A ended at $32.30 high. Wave B ended at $28.76 low, and wave C ended at $32.92 high thus completing wave (B). Down from wave (B) high the decline is unfolding as an impulse sequence favoring more weakness. Whereas wave ((i)) ended at $31.01 low. Wave ((ii)) ended at $31.98 high, wave ((iii)) ended at $28.67 low, wave ((iv)) ended at $29.61 high. Below from there, wave ((v)) remains in progress with a minimum extension target coming at $28.45- $28.09 area lower before the next bounce happens. Near-term, as far as bounces fail below $31.98 & more importantly below $32.92 high the GDX is expected to extend lower to reach the extreme from May peak towards $26.77- $22.98 target area before a turn in favor of the ETF happens.
AMEX:GDX
by Elliottwave-Forecast
GDX - Pitchforks and Algos - who will win?GDX has a fairly clean set up if one looks deep enough. If Algos and pitchforks are the best plays in trading then you've come to the chart for you. Some simple insights for anyone interested. Algos - sell side algo is active and suggest a target of less than zero -$0.74 ish, buy side algo suggest one of those red lines above will get tagged. Pitchforks say that the median line has an 80% chance to get tagged once defined, and if this does not occur a move equal to or greater than the last pivot will occur. IMO, the sell side pitchfork median line will be very hard to achieve, hence the higher targets for GDX, but not after it completes another 5 waves down into this buy side algo (this second tap should give it the fuel it needs to get to that white zone (which aligns with the last pivot for the sell side pitchfork) and it could give it enough juice to make a nice double top for GDX before it heads towards $12.40 or lower. Some EW on the chart too. Yellow region gives me the thought to go higher as it is tough to get a motive count from it. Could also be setting up an EW 1:2, 1:2 off the lows, but that is very low probability atm. GLTA!
AMEX:GDX
by kstrizzle001
Gold Miners ETF (GDX) Bullish View Showing Impulsive RallyRally in Gold Miners ETF (GDX) from 6.29.2023 low is in progress as a 5 waves impulse, favoring further upside. Up from 6.29.2023 low, wave 1 ended at 30.8 as the chart below shows. Pullback in wave 2 ended at 28.91 with internal subdivision as a zigzag structure. Down from wave 1, wave ((a)) ended at 29.74, rally in wave ((b)) ended at 30.03, and wave ((c)) lower ended at 28.91 which also completed wave 2. Wave 3 is currently in progress with internal subdivision as a 5 waves impulse in lesser degree. Up from wave 2, wave ((i)) ended at 29.82 and dips in wave ((ii)) ended at 29.20. The ETF then extends higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.47 and pullback in wave (ii) ended at 30.03. The ETF then extends higher again in wave (iii) towards 32.26 and pullback in wave (iv) ended at 31.96. The ETF made another leg higher in wave (v) towards 32.4 which completed wave ((iii)). Pullback in wave ((iv)) ended at 31.48 as a zigzag. Down from wave ((iii)), wave (a) ended at 31.9, wave (b) ended at 32.38 and wave (c) lower ended at 31.48. Expect the ETF to make 1 more push higher to complete wave ((v)) of 3. Afterwards, it should pullback in wave 4 to correct cycle from 7.6.2023 low before it resumes higher. Near term, as far as pivot at 28.91 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
AMEX:GDXLong
by Elliottwave-Forecast
GDX heading down... It has been more than 6 months since I looked at GDX proper. Yes, I might have missed the last Gold/GDX rally, but I think that short run is about over... Looking at the weekly chart for GDX, a decisive lowest close since March 2023 is representative of a end of a bull trend, if it is not already obvious enough. The near marubozu type down candle came after a quick dip and a lower high, to get a close near the lower low... which just prevails the downward momentum. Few other notes... 1. a trendline support breakdown this coming week would accentuate the downside bias; 2. the MACD and VolDiv have crossed down and looks determined to crossunder the zero line; 3. any further breakdown bring it into the previous consolidation range. And a break in into the range suggest an extrusion on the other (lower) side of the range; 4. Noted that the USD appear to be gaining strength and the equity markets are about ripe for a retracement. Furthermore, the Gold analysis point to a further slide in Gold prices. Taken together, these 3 critical pillars for GDX are impacted, whcih gives little for the bullish case on GDX. Down it goes... heads up!
AMEX:GDXShort
by Auguraltrader
GDX: Will you make it? 💪This is what we ask GDX regarding our primary scenario. The ETF has shown momentum in both directions: upward and downward. However, we expect the bulls to win this fight, pushing GDX above the resistance at $32.58 and into the turquoise zone between $33.93 and $35.57. There it should finish wave ii in turquoise and turn southward again, heading back below $32.58. However, our secondary scenario shouldn’t be disregarded! There is a 40% chance for the bears to triumph. In that case, we would have to wait for wave alt.(5) in yellow to expand first, which would then include a new low.
AMEX:GDX
by MarketIntel