Elliott Wave View: Gold Miners ETF (GDX) Impulse Rally Should Ex

Gold Miners ETF (GDX) shows incomplete bullish sequence from 30 December 2024 low favoring more upside. Up from 30 December, wave (1) ended at 43 and pullback in wave (2) ended at 38.58. Wave (3) higher is in progress with internal subdivision as a 5 waves impulse Elliott Wave structure. Up from wave (2), wave 1 ended at 42.31 and pullback in wave 2 ended at 40.2 as the 30 minutes chart below shows.

Wave 3 higher is in progress as another impulse in lesser degree. Up from wave 2, wave ((i)) ended at 41.22 and pullback in wave ((ii)) ended at 40.71. The ETF then nested higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 42.04 and pullback in wave (ii) ended at 41.22. Wave (iii) higher ended at 43.87 and pullback in wave (iv) ended at 43.21. Final leg wave (v) ended at 45.65 which completed wave ((iii)) in higher degree. Pullback in wave ((iv)) is in progress with a target towards 43.6 – 44.2 where buyers can appear for further upside. Near term, as far as pivot at 40.2 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside.