In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of XME. We presented to members at the elliottwave-forecast. In which, the rally from 19 December 2022 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
XME 4-Hour Elliott Wave Chart From 2.23.2023
Here’s 4 hr Elliott wave chart from the 2/23/2023 update. In which, the cycle from the 12/19/2023 low ended in wave 1 as an impulse structure at $59.46 high. Down from there, the ETF made a pullback in wave 2 to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) at $54.38 low. Wave ((x)) ended at $58.10 high and wave ((y)) managed to reach the blue box area at $53.03- $49.89 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
XME 4 Hour Latest Elliott Wave Chart From 2.28.2023
This is the latest 4 hr Elliott wave Chart from the 2/27/2022 update. In which the ETF is showing a strong reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area.