The Gold Miners ETF (GDX) continues to show strength, advancing in an impulsive Elliott wave structure. The cycle that started from the low of October 28, 2025 is still ongoing, and is unfolding as a clear sequence of five waves. Within this development, wave 1 concluded at $91.67, followed by a corrective pullback in wave 2 reaching $83.22, as shown on the 1-hour chart. The internal split of wave 2 is revealed as a triple-double corrective pattern, reflecting the complexity of the retracement. Specifically, wave ((w)) ended at $84.89, the subsequent rise in wave ((x)) ended at $88.48, and the final decline in wave ((y)) completed at $83.22, indicating the end of wave 2 at a higher degree.
From that point, the index resumed its upward trajectory in wave 3. Advancing from wave 2, the initial advance in wave ((i)) ended at $92.35, while the corrective pullback in wave ((ii)) settled at $88.09. The index then resumed its rise in wave ((iii)), which is currently unfolding. Within wave ((iii)), wave (i) concluded at $91.23, followed by a modest pullback in wave (ii) which ended at $88.79. A continuing advance indicates that wave (iii) is nearing completion. Once completed, a corrective phase is expected in wave (iv) before the rise in wave (v) resumes.
In the near term, as long as the pivotal support at $83.22 remains in place, dips should continue to find buyers. These corrections are likely to continue within a three-, seven- or eleven-swing rhythm, reinforcing the bullish outlook. As the impulsive sequence continues, expectations remain for further upside as the cycle matures.
60-minute chart of Gold Miners ETF (GDX) as of 14.01.2026 update
GDX Elliott Wave [Video]
