On March 28, 2021, Sid published the above chart of GDX for Elliott Wave Plus Basic Plan, Pro Plan, and Premium Plan subscribers:
Sid’s roadmap had GDX ready to bottom in early April, rally through late May, and then pull back sharply into a large Hurst cycle trough due in mid-August. His late-March 2021 main Elliott wave count predicted that the correction that had been underway in GDX since the early August 2020 high would eventually unfold as a WXYXZ triple zig-zag, likely ending in mid-August 2021, in harmony with the Hurst cycle analysis at the time.
The chart below is a current GDX weekly (through Sept 13, 2021):
This has been our challenge at Elliott Wave Plus, and we have alerted subscribers to several buying opportunities in undervalued sectors on the verge of ripping higher over the past year. We have posted YouTube videos of a couple of these timely alerts over the past year.
The first was our call to buy XLE (the large cap oil companies) in late October 2020. (See the post and video here). XLE more than doubled over the following 4.5 months. At the time that we made that call, famous talking heads on financial propaganda TV were vehemently recommending avoiding the sector. The second was our call to buy stocks in the shipping sector in early November 2020. (See the post and video on the shipping sector here.) Many, many stocks in that sector have more than doubled since then as well. In both examples, the sectors were at exceptionally low junctures after being beaten down for an extended period, and almost no one was talking about them.
In this post, we will show you another sector buying opportunity that we pointed out to subscribers in late March of this year. GDX (the Gold Miners ETF) has been up as much as 16+% so far since our mid-week (March 31) EWP ScreenShot (for Basic Plan and up subscribers) suggested an imminent turn to the upside. That suggestion that GDX would rally came after the precious metals sector endured seven long months of downside chop. Many of the companies in this recently neglected sector have been nicely profitable all through that multi-quarter correction, so bargain valuations have been easier to find here than in most other sectors.
The question is, does this rally have legs, or is it already done? There are many technical aspects we are actively looking at for clues, including a potential bullish 1-2-1-2 wave count from the early-March low, combined with the expectation of future peak and trough dates based on Hurst cycle analysis. We will keep our subscribers aware of our projected future roadmaps on GDX in addition to many tradable items with EWP ScreenShots of our analysis every Sunday and Wednesday (Basic Plan), as well a multi-hour weekly Sunday video (Pro Plan), excerpts of which were used to produce the YouTube video featured in this post.
Also shown in the attached video is a potential trade signal and associated multi-indicator setup produced by our proprietary momentum algo on GDX. Our Premium Plan provides screenshots and automated momentum trade signals on twenty popular items every night. Many of our subscribers use these nightly signals as confirmation of our proprietary analysis based on a combination of Elliott wave and its associated Fibonacci price targets, as well as Hurst cycle analysis.