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Elliott Forecast

Daud Bhatti

Gold Miners ETF (GDX) Looking to End Zigzag Correction

November 9, 2023 By

Short term Elliott Wave view in Gold Miners ETF (GDX) suggests the ETF is correcting cycle from 10.4.2023 low. Rally from 10.4.2023 low ended wave (1) at 30.16. Pullback in wave (2) is unfolding as a . Down from wave (1), wave A ended at 27.61 as a diagonal. Rally in wave B ended at 29.81 as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 28.48 and dips in wave ((b)) ended at 27.90 Final leg wave ((c)) ended at 29.81 which completed wave B.

Wave C lower is currently in progress as a 5 waves impulse. Down from wave B, wave (i) ended at 29.18 and wave (ii) ended at 29.55. Wave (iii) lower ended at 28.54, wave (iv) ended at 29.15, and wave (v) lower ended at 28.11 which completed wave ((i)). Rally in wave ((ii)) ended at 28.64. The ETF then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 28.17 and wave (ii) ended at 28.43. Near term, as far as pivot at 29.81 high stays intact, expect further downside in the ETF. Potential target lower is 100% – 161.8% Fibonacci extension from 10.20.2023 high which comes at 25.74 – 27.29.

GDX 45 Minutes Elliott Wave Chart

GDX Elliott Wave Video

Source:-forecast.com/news/gold-miners-etf-gdx-looking-end-zigzag-correction/

09/11/2023 1 EN

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Elliott Forecast

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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Daud Bhatti

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