GDX Elliott Wave Outlook: Strong Wave 3 Surge with $58 3 Target
The Gold Miners ETF (GDX) continues its upward trajectory, forming a pattern of higher highs and higher lows since its September 2022 bottom, signaling a robust bullish market. From the July 17, 2025 low, GDX has embarked on a five-wave impulse Elliott Wave structure in the shorter cycle. The hourly chart shows wave (1) peaking at 54.79, followed by a wave (2) dip concluding at 51.19. Wave (2) unfolded as a double three Elliott Wave pattern, with wave W declining to 52.15, wave X rallying to 53.41, and wave Y completing the correction at 51.19.
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