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GDX Elliott Wave View: Found Buyers in Blue Box and Rallied


Hello fellow traders. Today, I want to share some Elliott Wave charts of the GDX which we presented to our members in the past. You see the 1-hour updated chart presented to our clients on the 07/30/19. showing that GDX ended the cycle from 05/13/19 low at the peak of 07/23/19 at 28.41.

Below from there, we advised members that the pullback should extend lower into the blue box. Below 28.41 level, we said to our clients it should see the equal legs from 07/23 peak towards the areas of the 100 – 1.618 Fibonacci extension of the blue wave (A)-(B) which came around 26.72-25.94. Therefore, we expected buyers to appear in the sequences of 3, 7 or 11 swings. And that was the first area for buyers to appear to take prices to new highs.

GDX 07.30.2019 1 Hour Chart Elliott Wave Analysis

 

In the last Elliott Wave chart, you can see that GDX reacted nicely higher and continued the rally. Later on it made even a new high. Due to the right side up tag, we expected GDX to be supported overall.  Any trades from that area have been risk-free, which means the stop-loss was moved to breakeven, targeting higher levels.  Do please keep in mind that the 1-hour chart which I presented might have changed already. The blue boxes you see in our charts are our so-called High-Frequency boxes. Where the market ideally shows us a reaction either lower or higher. These areas are used be traded in the direction of the right side.

If you are interested in how to trade our blue box areas and want to understand how Elliott Wave works. Then I recommend you to get a shot on our 14 days free trial below. We present a lot of trading setups in our 3 Live Trading Rooms.

 

GDX 07.30.2019 1 Hour Chart Elliott Wave Analysis

 

I hope you liked this blog and I wish you all good trades. And for all who are interested in learning more about our unique blue box areas and also want to trade profitably in 2019 then sign up for a free 14 days trial you can cancel anytime. Click the link and see you insight 🙂

 

 

 

 

We provide precise forecasts with up-to-date analysis for 78 instruments including Forex, Commodities, ZN (10 year note yields), World Indices, Stocks, ETFs and Bitcoin. Our clients also have immediate access to Market Overview. Sequences Report. 1 Hour. 4 Hour. Daily & Weekly Wave Counts. Daily & Weekend Technical Videos, Live Screen Sharing Sessions, Live Trading Rooms and Chat room where they are provided live updates and given answers to their questions. The guidance of ElliottWave-Forecast gives subscribers the wherewithal to position themselves for proper entry and exit in the markets. We believe our disciplined methodology and Right side system is pivotal for long-term success in trading. If you want to become a member then Click on the Banner above. See you insight!

 

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