15 days ago I published an 8 year chart for-XME. Here is some of what I wrote:
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.
XME-is currently 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 on the chart from 15 days ago).
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. (End of previous comments).
Since 15 days ago XME-has mostly been weaker. I suggest you go back 15 days and look at this chart. It contains the "bigger picture".
I am waiting to see if XME-can resume its uptrend and "take out" $30.
You want odds? I say it is like tossing a coin, only 50-50.
Good luck to you. Don.
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.
XME-is currently 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 on the chart from 15 days ago).
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. (End of previous comments).
Since 15 days ago XME-has mostly been weaker. I suggest you go back 15 days and look at this chart. It contains the "bigger picture".
I am waiting to see if XME-can resume its uptrend and "take out" $30.
You want odds? I say it is like tossing a coin, only 50-50.
Good luck to you. Don.
