VanEck Gold Miners ETF ($GDX) Keeps Finding Buyers at Extreme Areas.
Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of VanEck Gold Miners ETF (GDX) . The rally from 10.04.2023 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
$GDX 1H Elliott Wave Chart 11.14.2023:
Here is the 1H Elliott Wave count from 11.14.2023. We expected the pullback to find buyers at (2) in 3 swings (ABC).
$GDX 1H Elliott Wave Chart 11.19.2023:
Here is the 1H update from 11.19.2023 showing the bounce taking place as expected. The ETF reacted higher after reaching the equal legs area from 10.20 peak allowing longs to get a risk free position. We expect the ETF to continue higher as long as $27.01 remains intact.
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
