Vaneck Rare Earth & Strategic Metals Etf (REMX) – Elliott Wave Technical Analysis
Daily graphic – expanded fixed correction in terms of completion
Function: Counter Trend.
Fashion: Patch.
Structure: Expanded apartment.
Position: Wave [c] 4.
Direction: Bear market rally.
Details:
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The 4 wave approaches its final sub-switch before the end of the corrective phase.
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The current rally should trace 38.2% to 50% of the drop in wave 3.
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A break greater than $ 51.10 will serve as a solid confirmation of the expanded flat structure.
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The termination of wave 4 is projected near the level of $ 57.12.
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After the summit of wave 4, a drop in the 5th wave is planned, targeting a level below the origin of wave 4.
Invalidation level: $ 32.36
Four -hour table – impulsive rally structure in game
Function: Major trend (minor degree, gray).
Fashion: Pattern.
Structure: Pulse.
Position: Wave [3] III.
Direction: Rally.
Details:
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The rally should continue beyond $ 44.48 in a clear impulsive scheme.
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Wave [3] is likely to terminate between $ 41.10 and $ 42.31.
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The lowest of the wave (2) is a key level to monitor to maintain the bullish perspectives.
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$ 36.33 serves as critical support and the level of invalidation for this view.
Invalidation level: $ 36.33
Conclusion and strategic notes
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REMX should continue to increase in the short term.
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The market should exceed the end of the wave [a] In this phase.
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The main objective is $ 57.12, where the wave [c] can match the wave [a].
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This scenario presents a favorable opportunity for traders focused on ETF.
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According to Elliott Wave guidelines and compliance with invalidation levels are essential to effectively manage the risk.
Vaneck Rare Earth & Strategic Metals Etf (REMX) – Elliott Wave Technical Analysis [Video]
