Elliott Forecast - Elliott Wave Intraday Analysis Looking for GDX to Extend Higher

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Elliott Forecast

Eric Morera

Elliott Wave Intraday Analysis Looking for GDX to Extend Higher

Rally from 9.26.2022 low in $GDX is currently in progress as a 5 waves diagonal. Up from 9.26.2022 low, wave (1) ended at 36.26 and pullback in wave (2) ended at 25.62. The ETF then extended higher in wave (3) towards 39.4 and pullback in wave (4) ended at 33.85 as the 1 hour chart below shows. Internal subdivision of wave (4) unfolded as a double three Elliott Wave structure. Down from wave (3), wave W ended at 35.9 and wave X ended at 38.22. Wave Y lower ended at 33.85 which completed wave (4) in higher degree.

The ETF then turns higher again in wave (5). Up from wave (4), wave ((i)) ended at 36.25 and wave ((ii)) pullback ended at 34.54. Wave ((iii)) higher ended at 38.08 and pullback in wave ((iv)) ended at 36.56. Expect wave ((v)) to complete soon which should also end wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 8.5.2024 low in 3, 7, or 11 swing before the ETF resumes higher again. Near term, expect pullback to find support in 3, 7, 11 swing against 33.85 for further upside.

GDX 60 Minutes Elliott Wave Chart

GDX Elliott Wave Video
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Source:-forecast.com/news/elliott-wave-intraday-analysis-looking-gdx-extend-higher/

20/08/2024 1 EN

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Elliott Forecast

Elliottwave-Forecast.com (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 52 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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Eric Morera

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Elliott Wave Intraday Analysis Looking for GDX to Extend Higher

Elliott Wave: Copper (HG) Impulsive Rally Signals More Upside

TRV Approaches Final Stage of Impulse Structure: Anticipating a Pullback

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