Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of VanEck Gold Miners ETF ($GDX) . The rally from 2.28.2024 low at $25.66 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
5 Wave Impulse Structure + ABC correction
$GDX 1H Elliott Wave Chart 3.19.2024:
Here is the 1H Elliott Wave count from 3.19.2024. We expected the pullback to find buyers at the blue box area at 29.10 – 28.49 in 3 swings.
$GDX 1H Elliott Wave Chart 3.21.2024:
Here is the 1H update few days later from 3.21.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $33 – 36 before another pullback can happen.
