Elliott Wave View: GDX starts new Bullish cycle [Video]
Short 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.
GDX 60 Minutes Elliott Wave Chart