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Vaneck Gold Miners ETF(GDX-A)
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GDX Found Strong Rejection At The Blue Box Area

Elliott Wave Forecast - Tue Sep 12, 2023

In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of (GDX) . The decline from the 18 July 2023 high unfolded as an impulse sequence and showed a lower low sequence within the bigger cycle from the 04 May 2023 peak. Therefore, we knew that the structure in GDX is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

GDX 1-Hour Elliott Wave Chart From 8.30.2023

GDX Found Strong Rejection At The Blue Box Area

Here’s the 4-hour Elliott wave Chart from the 8/30/2023 Midday update. In which, the decline to the $27.28 low ended 5 waves from the 7/18/2023 high in wave A & made a bounce in wave B. The internals of that bounce unfolded as an Elliott wave zigzag correction where wave ((a)) ended at a $28.97 high. Then a pullback to $28.01 low ended wave ((b)) and started the ((c)) leg higher towards $29.71- $30.75 blue box area from where sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.

GDX Latest 1-Hour Elliott Wave Chart From 9.12.2023

GDX Found Strong Rejection At The Blue Box Area

This is the Latest 1-hour view from the 9/12/2022 update. In which the ETF is showing a reaction lower taking place from the blue box area. Allowed shorts to get into a risk-free position shortly after taking the short position. However, a break below $27.28 low is still needed to confirm the next extension lower & avoid a double correction higher.

Source: https://elliottwave-forecast.com/stock-market/gdx-found-strong-rejection-blue-box-area/


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.