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Elliott Wave View: Impulsive Rally in $GDX

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Elliott wave view in Gold Miners ETF ($GDX) suggests the pullback to $20.26 ended wave (2). Wave (3) is currently in progress and the internal subdivides as animpulse Elliott Wave structure. Up from $20.26, Wave ((i)) ended at $20.88, wave ((ii)) ended at $20.31 and wave ((iii)) can end soon at $22.47 $22.69 area. It should then pullback in 3, 7, or 11 swing within wave ((iv)) to correct rally from May 29 low before the rally resumes again in wave ((v)).

We can see from the chart below the internal of wave ((i)) and ((iii)) also subdivide as an impulse in lesser degree. The internal of wave ((ii)) subdivides as an expanded Flat Elliott Wave structure. Potential target for wave ((iv)) is 23.6 38.2 Fibonacci retracement of wave ((iii)). In order to measure wave ((iv)) potential support area, we need to see wave ((iii)) fully completed first. We dont like selling $GDX and expect buyers to appear in 3, 7, or 11 swing as far as pivot at $20.31 low stays intact. In larger time frame, if $GDX can break above Feb 21 peak ($23.70), then it should create a bullish sequence from Sept 11, 2018 low opening up more upside.

$GDX 1 Hour Elliott Wave Chart

GDX June 4

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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