Elliott Forecast - Gold Miners ETF (GDX) Should Continue to Extend Higher | ResearchPool

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Elliott Forecast

Daud Bhatti

Gold Miners ETF (GDX) Should Continue to Extend Higher

November 29, 2023 By

Short Term in Gold Miners Junior (GDX) suggests rally from 11.10.2023 low is in progress as a 5 waves . Up from 11.10.2023 low, wave ((i)) ended at 29.07 as the 1 hour chart below shows. Dips in wave (ii) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 28.38 and wave (b) rally ended at 28.75. Wave (c) lower ended at 27.98 which completed wave ((ii)) in higher degree.

The ETF then extends higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 29.6. Wave (ii) ended as a zigzag structure in lesser degree. Down from wave (i), wave a ended at 29.18, wave b ended at 29.47, and wave c ended at 29.01. This completed wave (ii) in higher degree. The ETF then extends higher again in wave (iii). Up from wave (ii), wave i ended at 29.87 and pullback in wave ii ended at 29.46. Expect the ETF to rally a bit higher to end wave iii, then it should pullback in wave iv to correct cycle from 11.28.2023 low before it resumes higher. Near term, as far as pivot at 27.98 low stays intact, expect dips to find support in 3 ,7, or 11 swing for further upside.

Gold Miners ETF (GDX) 60 Minutes Elliott Wave Chart

GDX Elliott Wave Video

Source:-forecast.com/news/gold-miners-etf-gdx-continue-extend-higher/

29/11/2023 1 EN

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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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