The post VanEck Gold miners ETF perfect reaction from the blue box area appeared on BitcoinEthereumNews.com.

In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of VanEck Gold Miners ETF ( $GDX ) . The rally from 2.28.2024 low at $25.64 unfolded as a 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below: Five wave impulse structure + ABC correction $GDX four-hour Elliott Wave chart 6.12.2024: Here is the 4H Elliott Wave count from 6.12.2024. The 5 wave impulsive cycle from 2.28.2024 ended on 5.20.2024 at red 3 and started a pullback to correct in 3 swings. We expected the pullback against 2.28.2024 low at $25.64 to find buyers at the blue box area at 32.99 – 31.04 in 3 swings. $GDX four-hour Elliott Wave chart 7.07.2024: Here is the latest 4H update from 7.07.2024, showing the rally taking place as expected. The cycle from the peak at red 3 has ended and 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 $40 – 45 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction (WXY) so chasing now can be risky. A break of red 3 high will confirm that the next leg higher and negate the possibility of a double correction. Source: https://www.fxstreet.com/news/vaneck-gold-miners-etf-perfect-reaction-from-the-blue-box-area-202407110624

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Filed under: News - @ July 11, 2024 8:22 am