Rally in Gold Miners ETF (GDX) from 6.29.2023 low is in progress as a 5 waves impulse, favoring further upside. Up from 6.29.2023 low, wave 1 ended at 30.8 as the chart below shows. Pullback in wave 2 ended at 28.91 with internal subdivision as a zigzag structure. Down from wave 1, wave ((a)) ended at 29.74, rally in wave ((b)) ended at 30.03, and wave ((c)) lower ended at 28.91 which also completed wave 2. Wave 3 is currently in progress with internal subdivision as a 5 waves impulse in lesser degree.
Up from wave 2, wave ((i)) ended at 29.82 and dips in wave ((ii)) ended at 29.20. The ETF then extends higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 30.47 and pullback in wave (ii) ended at 30.03. The ETF then extends higher again in wave (iii) towards 32.26 and pullback in wave (iv) ended at 31.96. The ETF made another leg higher in wave (v) towards 32.4 which completed wave ((iii)). Pullback in wave ((iv)) ended at 31.48 as a zigzag. Down from wave ((iii)), wave (a) ended at 31.9, wave (b) ended at 32.38 and wave (c) lower ended at 31.48. Expect the ETF to make 1 more push higher to complete wave ((v)) of 3. Afterwards, it should pullback in wave 4 to correct cycle from 7.6.2023 low before it resumes higher. Near term, as far as pivot at 28.91 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
