Short Term Elliott Wave view in GDX suggests cycle from 4/18/2022 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 4/18/2022 high, wave ((1)) ended at 29.66, and rally in wave ((2)) ended at 33.52. Wave ((3)) lower subdivides into another 5 waves in lesser degree. Down from wave ((2)), wave (1) ended at 30.36 and rally in wave (2) ended at 32.80. Index then resumes lower in wave (3) towards 24.92, rally in wave (4) ended at 26.54, and final leg lower wave (5) ended at 24.38 which completed wave ((3)) in higher degree.
Wave ((4)) pullback is now in progress as a zigzag Elliott Wave structure. Up from 7/26/2022 low, wave 1 ended at 24.86 and dips in wave 2 ended at 24.50. Expect a few more highs to end wave 3, then it should pullback in wave 4, before the last push higher in wave 5 to complete wave (A). Afterwards, the Index should pullback in wave (B) before the rally resumes again. Near term, as far as pivot at 24.37 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.
