Gold Miners Junior ETF (GDXJ) Pullback Should Find Buyers

GDXJ, or the VanEck Vectors Junior Gold Miners ETF, is an exchange-traded fund that tracks the performance of small-cap gold mining companies. It provides investors exposure to junior gold mining companies, which are typically smaller and more volatile than their larger counterparts. This ETF offers a convenient way for investors to gain diversified exposure to the junior gold mining sector without having to select individual stocks. Below we update the Elliott Wave outlook for the ETF.

GDXJ Monthly Elliott Wave View

Monthly chart of Gold Miners Junior ETF (GDXJ) above shows the ETF broke higher from multi year consolidation. Wave ((II)) grand super cycle ended at 16.14 and the ETF starts a new leg up from there. Up from 16.14 low, wave (I) ended at 52.5 and dips in wave (II) ended at 19.52. The ETF then extended higher as a nest. Wave I of (III) rally ended at 65.95 and wave II pullback ended at 25.80. While dips stay above 16.14, expect the ETF to extend higher.

GDXJ Daily Elliott Wave View

Daily Elliott Wave Chart of GDXJ above shows wave II pullback ended at 25.8. The ETF then rallies higher in wave III. The internal subdivision of the rally unfolds as a 5 waves impulse. Up from wave II, wave ((1)) ended at 41.16 and pullback in wave ((2)) ended at 30.56 with internal structure as an expanded flat. Up from there, wave (1) ended at 47.25 and dips in wave (2) is in progress to correct cycle from 10.4.2023 low in 3, 7, or 11 swing before the rally resumes.

GDXJ 4 Hour Elliott Wave View

4 Hour Elliott Wave view of GDXJ above shows that rally from wave ((2)) low at 30.67 unfolded as an impulse. Up from wave ((2)), wave 1 ended at 39.82 and wave 2 pullback ended at 30.89. The ETF resumed higher in wave 3 towards 44.7 and wave 4 pullback ended at 39.55. The ETF then extended higher in wave 5 of (1) towards 47.54. Pullback in wave (2) is in progress to correct cycle from 10.5.2023 in 3, 7, or 11 swing before the rally resumes.

Source: https://elliottwave-forecast.com/stock-market/gold-miners-junior-etf-gdxj-pullback-find-buyers/