Gold Miners Junior (GDXJ) Should At least See 3 Waves Rally

The VanEck Vectors Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that provides exposure to the stocks of small to mid-sized companies involved in the exploration and production of gold and other precious metals. The ETF looks to have ended expanded flat correction and now it should see at least 3 waves rally if not a new bullish cycle. Below we will take a look at the Elliott Wave outlook for the ETF.

GDXJ Daily Elliott Wave View

Daily Elliott Wave Chart of GDXJ above shows the ETF ended wave II at 25.96. Up from there, wave ((1)) ended at 41.16 and wave ((2)) ended at 30.46. The ETF has resumed higher in wave ((3)). As far as pivot at 25.96 low stays intact, expect the ETF to extend higher.

GDXJ 4 Hour Elliott Wave View

4 Hour Elliott Wave Chart of GDXJ above shows that the ETF ended wave ((2)) pullback at 30.59 as an expanded Flat structure. Up from there, wave 1 ended at 35.63. Pullback in wave 2 is in progress to correct cycle from 10.5.2023 low before the ETF resumes higher again. Near term, as far as pivot at 30.59 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.