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 10.04.2023 low unfolded as a 5 wave impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
$GDX 1H Elliott Wave Chart 11.14.2023:
$GDX 1H Elliott Wave Chart 11.19.2023:
Here is the 1H update from 11.19.2023 showing the bounce taking place as expected. The ETF reacted higher after reaching the equal legs area from 10.20 peak allowing longs to get a risk free position. We expect the ETF to continue higher as long as $27.01 remains intact.