VanEck Gold Miners ETF ( $GDX ) Perfect Reaction From The Blue Box Area.

Elliottwave_Forecast
07-11

Hello everyone! In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of VanEck Gold Miners ETF ( $GDX ) . The rally from 2.28.2024 low at $25.64 unfolded as a 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

$GDX 4H Elliott Wave Chart 6.12.2024:

$GDX

Here is the 4H Elliott Wave count from 6.12.2024. The 5 wave impulsive cycle from 2.28.2024 ended on 5.20.2024 at red 3 and started a pullback to correct in 3 swings. We expected the pullback against 2.28.2024 low at $25.64 to find buyers at the blue box area at 32.99 – 31.04 in 3 swings.

$GDX 4H Elliott Wave Chart 7.07.2024:

Here is the latest 4H update from 7.07.2024, showing the rally taking place as expected. The cycle from the peak at red 3 has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $40 – 45 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red 3 high will confirm that the next leg higher and negate the possibility of a double correction.

 

Elliott Wave Forecast

We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet,  Sign Up for Free 14 days Trial now and get access to new trading opportunities.

Welcome to Elliott Wave Forecast!

Source:https://elliottwave-forecast.com/stock-market/vaneck-gold-miners-etf-gdx-reaction-blue-box-gdx/

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment（1）

  • Top
  • Latest
  • quiettt
    ·07-11
    Nice analysis
    Reply
    Report