Elliott Wave Forecast Team
ElliottWave-Forecast.com
Gold Miners ETF (GDX) shows incomplete bearish sequence from 5.4.2023 high looking for further downside. In shorter cycle, the decline from 7.18.2023 high is in progress as a 5 waves impulse. Down from 7.18.2023 high, wave 1 ended at 27.27 and rally in wave 2 ended at 30.13. The ETF then extended lower in wave 3 towards 25.68. Internal subdivision of wave 3 unfolded as a 5 waves in lesser degree. Down from wave 2, wave ((i)) ended at 28.79 and rally in wave ((ii)) ended at 29.41.
The ETF extended lower in wave ((iii)) towards 26.62 and rally in wave ((iv)) ended at 27.59. Final leg wave ((v)) ended at 25.68 which completed wave 3 in higher degree. Wave 4 is currently in progress to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Potential target for wave 4 is 23.6 – 38.2 Fibonacci retracement of wave 3. This area comes at 26.74 – 27.39 where sellers can appear for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.4.2023 high. This area comes at 20.6 – 25.2. If we assume that 9.26.2022 low at 21.52 will hold, then the area of support should be 21.52 – 25.2.
Gold Miners ETF (GDX) 60 minutes Elliott Wave chart
GDX Elliott Wave video
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