$GDX
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How ElliottWaveTrader’s view on $GDX changed

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2026-09-23
“Avi’s Market Minute - September 23rd 2026: Gold, Silver & GDX at a Key Juncture”
GDX direction depends on price action: breakout above 101.83 signals start of wave three; failure and drop below recent lows signals continued wave two correction.

There is potential that yes, we have struck the bottom of a wave two in in GDX. And that means we have a one two one two being presented for wave one of three.

That means we have to take out yesterday's high. If we are unable to take yesterday's high and take out yesterday's low instead, that puts us on a path for at least this in a more expanded ABC of wave two.

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2026-08-26Bearish
“Avi’s Market Minute - August 26th 2026: Update on Gold, Silver & GDX”
GDX has likely topped in a five-wave structure; a deep wave two pullback is possible but not probable, and the bias is bearish.

This is GDX on the bigger degree. I mean clearly we have more than enough waves in place right now for this to have considered topped in a five-wave structure. Now, can that five-wave structure be a C wave of this alt B wave?

Absolutely and it could and point us down it. But I got to tell you it's possible. Just don't think it's probable because in order for this to be a five-wave C wave you have to view this as the A wave bottom here, then you have an A, very unusual B wave and then a C wave rally?

I mean, you [snorts] know, we see expanded flats, you know, every now and then. But I got to tell you this one would be extraordinarily unusual. For that reason I'm I'm viewing this as wave one of wave five.

We Yes, we could see a deep wave two believe it or not because there are quite a number of individual mining stocks that are strongly suggestive of those in lower lows. Um, I don't think GDX is necessarily um, strongly suggestive of that.

Like I said, you could see a deep wave two but I I'm I'm not strongly indicative um, of uh, I don't think it's strongly indicative of of a uh, of anything more than just a deep wave two.

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KOL Says