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Vaneck Gold Miners ETF(GDX-A)
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VanEck Gold Miners ETF ($GDX) Reacted Higher After a Corrective Pull Back.

Elliott Wave Forecast - Mon Oct 30, 2023

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 10.26.2023:

$GDX

Here is the 1H Elliott Wave count from 10.26.2023. The rally from 10.04.2023 peaked at blue (1) $30.16 and started a pullback to correct it. We expected the pullback to find buyers at (2) in 3 swings (ABC) at $28.09 – 27.20.

$GDX 1H Elliott Wave Chart 10.29.2023:

$GDX

Here is the 1H update from 10.29.2023 showing the bounce taking place as expected. The ETF reacted higher after reaching the equal legs area allowing longs to get a risk free position. We expect the ETF to continue higher in wave (3) towards 32.65 - 35.47 before a pullback can happen. Alternatively, if the ETF is unable to break above $30.16 at blue (1) then a double correction lower can happen (WXY) before higher.

Source: https://elliottwave-forecast.com/stock-market/vaneck-gold-miners-etf-gdx-reacted-higher-corrective-pull-back/


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