XME Calling The Rally & Buying The Dips At The Blue Box Area

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of  XME ETF  published in members area of the Elliottwave-Forecast . XME is showing impulsive bullish sequences in the cycle from the 13.82 low. Consequently we recommended members to avoid selling it , while keep favoring the long side. Recently we got short term pull back that has unfolded as Elliott Wave ZIGZAG pattern that has given us opportunity to enter long trades.  In further text we’re going to explain the forecast and Elliott Wave Pattern and trading strategy.

XME 1 Hour Elliott Wave Analysis 5.13.2021

Right side remains in the favor of the ETF. XME remains buy in a dips. Current view suggests 2 red pull back is unfolding as Elliott Wave Zig Zag  pattern. Inner labeling of correction is : ((a))((b))((c)) black. The price has already reached extremes at 43.41  and showing enough number of swings. Pull back can complete any moment. We don’t recommend selling it and favor the long side from the marked blue box area: 43.41-43.38 . As the main trend is bullish we expect buyers to appear for 3 waves bounce at least.
As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a bounce (XME).

XME

XME 1 Hour Elliott Wave Analysis 5.14.2021

XME found buyers at the blue box area. It made nice bounce from the buyers zone that has reached 50 fibs against the connector. All long positions from the blue box area should be risk free at this stage.  Pull back completed at 43.00 low. As far as the price stays above that level, next leg up can be in progress.  However, if 43.0 low gets broken, pull back will be still in progress as 7 swings structure, and we will measure new entry area.

XME

XME 1 Hour Elliott Wave Analysis 5.17.2021

43.0 low held well and we got further separation higher. We would like to see break above 3 red peak to confirm next leg up is in progress. Once we get that break, ETF will become bullish against the 43.00 low and it might be offering new buying opportunities for intraday traders. We don’t like selling it in any proposed pull back and favor staying long from the blue box area.

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