The short-term view for the Gold Miners ETF (GDX) shows a correction unfolding in a zigzag Elliott Wave structure. From the all-time high on March 2, wave ((A)) ended at $95.96. A rally in wave ((B)) followed, reaching $105.74. The ETF then resumed its decline and broke below the termination point of wave ((A)), signaling that wave ((C)) has begun. Fibonacci projections suggest a potential downside target between $71.6 and $84.6, which corresponds to the 100%–161.8% extension of wave ((A)).
Wave ((C)) is developing as a five-wave impulse. From the peak of wave ((B)), the initial decline marked wave (1), which ended at $91.13. The rally in wave (2) is now in progress, correcting the cycle from the March 10, 2026 high. This correction is expected to unfold in either three or seven swings before the broader downtrend resumes. The near-term pivot remains at the $105.74 high. As long as this level holds, rallies should be viewed as corrective. They are likely to fail in three or seven swings, opening the path for further weakness.
In conclusion, the Elliott Wave framework highlights that GDX is in the midst of a structured zigzag correction. The ongoing development of wave ((C)) points to additional downside risk. Fibonacci levels provide a clear roadmap for potential price objectives, while the corrective rally offers traders a chance to confirm the bearish continuation implied by the larger wave count.
GDX 60-minute Elliott Wave chart
GDX Elliott Wave [Video]
Source: https://www.fxstreet.com/news/elliott-wave-analysis-gold-miners-etf-gdx-zigzag-correction-underway-video-202603170350
