As our members know we have had many profitable trading setups recently. In this technical article, we are going to present another Elliott Wave trading setup we got in Gold Miners ETF GDX . The ETF completed its correction precisely at the Equal Legs zone, referred to as the Blue Box Area. In the following sections, we will delve into the specifics of the Elliott Wave pattern and explain trading setup.
GDX Elliott Wave 1 Hour Chart 04.17.2025
The current analysis suggests that GDX is forming a wave ((iv)) black correction. The pull back is incomplete at the moment, we expect another leg down . We anticipate an extension toward the extreme zone at 50.61-49.61 area, where we are looking to re-enter as buyers.
We recommend members to avoid selling GDX. As the main trend remains bullish, we anticipate at least a 3-wave bounce from this Blue Box area. Once the price touches the 50 fibs against the (b) blue connector, we’ll make positions risk-free and set the stop loss at breakeven and book partial profits. On other hand, breaking below the 1.618 Fibonacci extension level at 49.61 would invalidate the trade.
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Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
GDX Elliott Wave 1 Hour Chart 04.21.2025
The ETF extended lower into the Blue Box area and attracted buyers, just as expected. GDX has since made a solid rally from our Buying Zone, breaking to new highs. As a result, any long positions entered at the Blue Box are now risk-free. We’ve moved our stop loss to breakeven and already booked partial profits.
The correction appears to have ended at the 50.48 low. As long as price remains above this level, further upside remains likely. Alternatively, if that low is broken, we anticipate a deeper pullback and will look to buy the dips again at the next equal-leg zone.
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