Gold Miners Junior Looking For Correction To End Soon

Image Source: The VanEck Junior Gold Miners ETF () is an exchange-traded fund that tracks the overall performance of small-cap companies primarily involved in gold and silver mining. GDXJ includes a diverse portfolio of junior miners, which are smaller, often early-stage companies with significant growth potential.

GDXJ Monthly Elliott Wave View
 Monthly Elliott Wave view in Gold Miners Junior ETF (GDXJ) above shows that the ETF ended wave ((II)) or ((B)) at 16.14. The ETF is then rallying higher as a nested impulse. Up from wave ((II)), wave (I) ended at 52.5 and wave (II) pullback ended at 19.52. Wave (III) is currently in progress as another impulse in lesser degree. Rally in wave I ended at 65.95. Pullback in wave II then ended at 25.80. The ETF should continue to rally higher as far dips stay above wave II at 25.8 in the first degree, and more importantly above wave ((II)) low at 16.14.

GDXJ Daily Elliott Wave View
 Daily Elliott Wave Chart of GDXJ shows that rally in wave III is in progress as an impulse. Up from wave II, wave (1) ended at 41.16. Wave (2) pullback ended at 30.46 with internal subdivision as an expanded flat. Wave (3) ended at the recent peak at 55.58 and wave (4) pullback is now in progress to correct cycle from 10.4.2023 low. Potential support comes at 100% – 161.8% Fibonacci extension of wave A which comes at 38.1 – 42.8 area. While dips stay above 25.88 in the first degree, expect the ETF to find buyers in 3, 7, or 11 swing for further upside.

GDXJ Elliott Wave Video
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