Short term Elliott Wave view in Gold Miners ETF (GDX) suggests the ETF is correcting cycle from 10.4.2023 low. Rally from 10.4.2023 low ended wave (1) at 30.16. Pullback in wave (2) is unfolding as a zigzag Elliott Wave structure. Down from wave (1), wave A ended at 27.61 as a diagonal. Rally in wave B ended at 29.81 as another zigzag in lesser degree. Up from wave A, wave ((a)) ended at 28.48 and dips in wave ((b)) ended at 27.90 Final leg wave ((c)) ended at 29.81 which completed wave B.
Wave C lower is currently in progress as a 5 waves impulse. Down from wave B, wave (i) ended at 29.18 and wave (ii) ended at 29.55. Wave (iii) lower ended at 28.54, wave (iv) ended at 29.15, and wave (v) lower ended at 28.11 which completed wave ((i)). Rally in wave ((ii)) ended at 28.64. The ETF then turned lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 28.17 and wave (ii) ended at 28.43. Near term, as far as pivot at 29.81 high stays intact, expect further downside in the ETF. Potential target lower is 100% – 161.8% Fibonacci extension from 10.20.2023 high which comes at 25.74 – 27.29.
