In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of the Gold miners ETF ticker symbol: GDX. In which, the decline from the 24 October 2024 high is unfolding in a corrective sequence. Also showed a lower low sequence with a bearish sequence stamp. Therefore, we knew that the structure in GDX is incomplete to the downside & should see more weakness. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
GDX 1-Hour Elliott Wave Chart From 1.10.2025
Here’s the 1-hour Elliott wave Chart from the 1.10.2025 Midday update. In which, the decline to $33.42 low ended wave A of (Y) & made a bounce in wave B of (Y). The internals of that bounce unfolded as an Elliott wave zigzag correction. And managed to reach the blue box area towards $36.65- $37.98 blue box area. From there, sellers were expected to appear looking for more downside or for a 3 wave reaction lower at least.
GDX Latest 1-Hour Elliott Wave Chart From 1.14.2025
This is the Latest 1-hour view from the 1.14.2025 Post-Market update. In which the ETF is showing a reaction lower taking place from the blue box area allowing shorts to get into a risk-free position shortly after taking the position. However, a break below the $33.42 low would still be needed to confirm the next extension lower & avoid a double correction higher. Now, as far as bounces fail below $36.90 high GDX is expected to resume the downside. Ideally towards $29.39- $27.07 target area lower minimum before a bounce happens.
Source: https://elliottwave-forecast.com/stock-market/gdx-found-sellers-expected-blue-box-area/