I am a person who believes in harmonic patterns.
XME-and the metals that comprise this-ETF are repeating an 8 year pattern.
In the mid 2008 sell-off-XME crawled back to retracement level .50, but this took two years.
Look on the above chart at Retracement Level (1).
Then look at Retracement Fibonacci (2), which is a FAILURE at Fib .236.
Now look at Retracement Level (3), a two year battle at a retracement of .50 which ended in FAILURE, with a price decline to $12.
Now look at Retracement Level (4) - this is Fibonacci .236 AGAIN.
I have been very BULLISH on-XME, but to get to Fibonacci .382 (about $36.79), XME-must not fail at Fibonacci .236.
If you are long and have profits, keep your stops close. XME-has come long and strong. A pause is due.
Furthermore, I have drawn an EIGHT YEAR DOWN TREND LINE from 2008 to the present.
This is a very powerful negative. If-XME is to continue its current bullish trend, it has to penetrate $30 and hold.
After a pause, look for higher highs and lower lows. If you don't see this then protect yourself and do not get caught in the resumption of the year 2008 down-trend. My upside forecast for-XME (14 days ago) was Fibonacci .382 ($36.79). To do this, XME-must not fail at the current level of Fibonacci .236.
If XME-fails, then the gold-complex will most likely be weaker also. Why? There are a lot of gold-stocks in-XME. I published a dozen of these charts 14 days ago.
As always, good luck to you. Don.
XME-and the metals that comprise this-ETF are repeating an 8 year pattern.
In the mid 2008 sell-off-XME crawled back to retracement level .50, but this took two years.
Look on the above chart at Retracement Level (1).
Then look at Retracement Fibonacci (2), which is a FAILURE at Fib .236.
Now look at Retracement Level (3), a two year battle at a retracement of .50 which ended in FAILURE, with a price decline to $12.
Now look at Retracement Level (4) - this is Fibonacci .236 AGAIN.
I have been very BULLISH on-XME, but to get to Fibonacci .382 (about $36.79), XME-must not fail at Fibonacci .236.
If you are long and have profits, keep your stops close. XME-has come long and strong. A pause is due.
Furthermore, I have drawn an EIGHT YEAR DOWN TREND LINE from 2008 to the present.
This is a very powerful negative. If-XME is to continue its current bullish trend, it has to penetrate $30 and hold.
After a pause, look for higher highs and lower lows. If you don't see this then protect yourself and do not get caught in the resumption of the year 2008 down-trend. My upside forecast for-XME (14 days ago) was Fibonacci .382 ($36.79). To do this, XME-must not fail at the current level of Fibonacci .236.
If XME-fails, then the gold-complex will most likely be weaker also. Why? There are a lot of gold-stocks in-XME. I published a dozen of these charts 14 days ago.
As always, good luck to you. Don.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.