The VanEck Junior Gold Miners ETF (GDXJ) is an exchange-traded fund that provides exposure to small and mid-sized companies primarily engaged in gold and silver mining around the world. In this article, we will explore the technical path of the long-term Elliott Wave ETF.
GDXJ Monthly Elliott Wave View
On the monthly time frame, the Elliott Wave forecast for the Junior Gold Miners ETF (GDXJ) highlights a significant structural development. The major supercycle wave ((II)) completed at $17.94, establishing a pivot bottom. From this foundation, the ETF began a sustained advance, unfolding in a staggered pulse sequence. The initial rise carried wave (I) to $52.50 before the corrective decline in wave (II) eased to $19.52. The force then returned, pushing the instrument into wave (III).
Within this greater progress, the internal structure also revealed clear subdivisions. From the base of wave (II), wave I extended to $65.95, followed by a corrective phase in wave II that ended at $25.80. The broader trend remains constructive, provided the $17.94 low continues to hold as strong support. While maintaining this level, the ETF maintains the potential to maintain its upward trajectory, consistent with the ongoing momentum pattern.
GDXJ Daily Elliott Wave View
According to the daily Elliott Wave analysis of the VanEck Junior Gold Miners ETF (GDXJ), the main corrective wave II bottomed at around $26. In this context, the third continuous wave develops as a clear impulsive advance with overlapping subdivisions. Starting from the bottom of wave II, the initial subsection ((1)) reached approximately $55.60 level. Then it rebounded a corrective wave ((2)) to approach the $42 level. Then the rise continued strongly in ((3)), which in itself shows impulsive characteristics. In ((3)), sub-wave (1) peaked near $67, followed by correction (2) down to around $57.50.
Sub-wave (3) of ((3)) appears close to completion at current levels, paving the way for a correction of wave (4) soon, after which the advance of wave (5) should resume. In the short term, provided the main pivot around $26 remains uninterrupted, any near-term declines will likely find buyers in a 3, 7 or 11 swing sequence, allowing the broader uptrend to continue and push prices further higher.
