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Gold Miners ETF (GDX) Looking to End Zigzag CorrectionShort term Elliott Wave view in Gold Miners ETF (GDX) suggests the ETF is correcting cycle from 10.4.2023 low. Rally from 10.4.2023 low ended wave (1) at 30.16. Pullback in wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 27.61 as a diagonal. Rally in wave B ended at 29.81 as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 28.48 and dips in wave ((b)) ended at 27.90 Final leg wave ((c)) ended at 29.81 which completed wave B. Wave C lower is currently in progress as a 5 waves impulse. Down from wave B, wave (i) ended at 29.18 and wave (ii) ended at 29.55. Wave (iii) lower ended at 28.54, wave (iv) ended at 29.15, and wave (v) lower ended at 28.11 which completed wave ((i)). Rally in wave ((ii)) ended at 28.64. The ETF then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 28.17 and wave (ii) ended at 28.43. Near term, as far as pivot at 29.81 high stays intact, expect further downside in the ETF. Potential target lower is 100% – 161.8% Fibonacci extension from 10.20.2023 high which comes at 25.74 – 27.29.
AMEX:GDX
by Elliottwave-Forecast
Bright future ahead for gold and silver minersAs long as the price holds recent Oct lows, I will continue to expect it to move towards next important resistance area: 31-35-38. Afterwards it would be ideal for price to consolidate and form a handle part of the cup with later break out above 35 pivot to confirm its intentions to move to next important resistance areas: 43-48-52 Short-term trading thesis: I will wait for price to consolidate around prior highs (preferably 29-30), providing a low risk entry point to consider any long trades. Long-term trading thesis: Establishing a position within this potential basing periods along the right side of the cup with later breakout - all these looks reasonable for me for any positive expectations in coming months and 2024. Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Analysis and opinion doesn't pay, only price pays.
AMEX:GDXLong
by artemfedorov
Gold Miners (GDX) Approaching Support ZoneGold Miners ETF (GDX) shows incomplete bearish sequence from 5.4.2023 high looking for further downside. In shorter cycle, the decline from 7.18.2023 high is in progress as a 5 waves impulse. Down from 7.18.2023 high, wave 1 ended at 27.27 and rally in wave 2 ended at 30.13. The ETF then extended lower in wave 3 towards 25.68. Internal subdivision of wave 3 unfolded as a 5 waves in lesser degree. Down from wave 2, wave ((i)) ended at 28.79 and rally in wave ((ii)) ended at 29.41. The ETF extended lower in wave ((iii)) towards 26.62 and rally in wave ((iv)) ended at 27.59. Final leg wave ((v)) ended at 25.68 which completed wave 3 in higher degree. Wave 4 is currently in progress to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 26.74 – 27.39 where sellers can appear for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.4.2023 high. This area comes at 20.6 – 25.2. If we assume that 9.26.2022 low at 21.52 will hold, then the area of support should be 21.52 – 25.2.
AMEX:GDX
by Elliottwave-Forecast
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