Vaneck Rare Earth & Strategic Metals ETF-ANACZE ELLIOTT WAVE (one-day) Elliott Wave
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Function: Counteracting.
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Mode: Correctional.
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Structure: Zigzag.
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Position: Wave [c] 4.
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Direction: Rally on the market.
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Level of annulment: USD 32.36.
Summary of the analysis
ETF REMX is currently in Wave 4, which seems to be in its final podga before the end of the correction. This counteracting rally is expected to come back 38.2% to 50% from the previous wave of 3 inheritance. The key confirmation of this extended flat pattern will be cracking above $ 51.10 high.
Wave 4 will probably end around USD 57,12 level. After completing, it is expected that a up-to-date impulsive decrease in wave 5, transferring prices below the origin of the wave 4. Traders should carefully monitor the structure when the current pattern is approaching its application.
Vaneck Rare Earth & Strategic Metals ETF-ANACHEA ELLIOTT WAVE ELLIOTT (four-hour) Elliott Wave
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Function: The main trend (diminutive degree).
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Mode: Theme.
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Structure: Impulse.
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Position: Wave [c] (navy blue) 4 (gray).
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Direction: Rally.
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Level of annulment: USD 32.35.
Short -term perspectives
The endowine configuration indicates a rapidly developing impulsive rally in the wave [c]which is the final segment of the wave 4. It is expected that this leg will pull out the previous one $ 51.10 high and stretch in the direction wave [a] high. In the upcoming sessions, a mighty push is expected, marking the end of this repair phase.
Application
REMX is set to stubborn movement in a tiny period. The target zone is from 51.10 to 57.12 USD, driven by the final stages of Wave 4. This gives a potential opportunity to stubborn ETF positions, with strict monitoring of cancellation levels for effective risk management.
