Miners Looking to End July on High Note

Back at the end of May, we noted to members that it looked like June and July were setting up strong for mining stocks and the VanEck Vectors Gold Miners ETF (GDX). We have gotten even more than we were anticipating.

If the GDX chart can hold the 27.20 region, this will allow for some more upside this week to finish off wave (v) of circle c (labeled in blue on the chart) toward the 31 region and end July on a high note.

August and possibly some of September as well are looking to be at least more choppy as we consolidate and digest the recent upside.

GDX - Primary Analysis - Jul-29 0927 AM (15 min)
GDX - Primary Analysis - Jul-29 0927 AM (15 min)
GDXJ - Primary Analysis - Jul-29 0924 AM (2 hour)
GDXJ - Primary Analysis - Jul-29 0924 AM (2 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.