Gold Miners ETF (GDX) is described as still progressing through a five-wave impulsive rally that began at the 17 July low, with the pattern yet to complete before a broader corrective phase takes shape. Wave 1 reached $77.99, then wave 2 retraced to $72.17. From there, wave 3 started and is developing with smaller-degree internal subdivisions, pointing to another impulsive sequence within the broader advance.
Internal Developments Within The Impulsive Advance
Within wave 3, wave ((i)) topped at $76.03 and wave ((ii)) corrected to $72.92, setting up the current wave ((iii)) rise, which is said to be nearing completion. The next step outlined is a wave ((iv)) pullback followed by a wave ((v)) advance to finish wave 3, after which wave 4 and wave 5 would complete the full five-wave move from 17 July. The near-term framework depends on the $72.17 pivot holding, while any corrective dips are characterised as unfolding in three, seven, or eleven swings before the next leg higher.
