Image Source: UnsplashIn this technical blog, we’re going to take a quick look at the Elliott Wave charts of XME ETF, published in the members area of the website. As our members know XME is showing impulsive bullish sequences and we have been favoring the long side of the ETF. Recently, we experienced a pullback consisting of three clear waves, which found buyers right at our buying zone (blue box). In the following text, we’ll delve into the Elliott Wave forecast and trading setup.

XME H1 Post-Market Update 04.19.2024

The current view suggests that XME is undergoing a wave ((iv)) correction. The pullback appears incomplete at the moment. We expect to see another leg down toward the Blue Box: 59.55-57.23 area (buying zone). We don’t advise selling the ETF and favor the long side from the marked blue box area. Given the prevailing bullish trend, we anticipate at least a three-wave bounce from this area. Once the price touches the 50% Fibonacci retracement level against the (x) blue connector, we will secure positions, setting the stop loss at breakeven and booking partial profits. However, it’s important to note that breaking below the 1.618 Fibonacci extension level at 57.23 would invalidate the trade.A quick reminder on how to trade our charts:Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫

XME H1 Midday Update 05.06.2024

XME has given us a nice reaction from the buying zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the connector’s high, so we consider the pullback completed. Consequently, long positions should now be risk-free, and partial profits should be saved. We anticipate a break of the (3) blue peak to confirm that the next leg up is in progress.Keep in mind that the market is dynamic and the presented view could have changed in the meantime. You can check the most recent charts with target levels in the membership area of the site. The best instruments to trade are those having incomplete bullish or bearish swing sequences.More By This Author:Do Not Miss Buying Opportunities – Palantir Should Resume Higher
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