Short Term Elliott Wave View in GDX suggests rally to 26.40 ended wave (2). Wave (3) lower is in progress to complete a cycle from August 25th, 2022 high. Internal subdivision of wave (2) unfolded as a double three Elliott Wave structure. Up from wave (1), wave ((a)) ended at 25.23 and pullback in wave ((b)) ended at 25.44. ETF extended higher in wave ((c)) of W towards 26.22. Connector wave X completed as a zigzag correction at 25.30. GDX then resumed the rally in wave ((a)) ended at 25.98 and pullback in wave ((b)) finished at 25.53. Final leg higher wave ((c)) ended at 26.40 which ended wave Y of (2)
GDX turned lower in wave (3). Down from wave (2), wave 1 ended at 25.75 and bounce in wave 2 ended at 26.18. The ETF extended lower in wave 3 towards 22.96. Internal subdivision in wave 3 unfolded as an impulse. Wave ((i)) ended at 24.40 and bounce in wave ((ii)) ended at 25.14. The instrument extended lower in wave ((iii)) of 3 towards 23.80. Then a shallow rally completed wave ((iv)) at 24.24 and last leg lower ended at22.96 completing wave ((v)) of 3. Near term, we are developing a corrective wave 4 and afterwards, it should continue lower to end wave 5 of ((3)). As far as pivot at 26.40 high stays intact, expect any rally to fail for further downside.