In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of XME. We presented to members at the Elliott Wave forecast. In which, the rally from 28 January 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 1 hour Elliott Wave chart
Here’s 1hr Elliott wave chart from the 3/15/2022 Pre-Market update. In which, the cycle from 2/24/2022 low ended in wave (3) as an impulse structure at $61 high. Down from there, the ETF made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A at $56.48 low. Wave B ended at $60 high and wave C managed to reach the blue box area at $54.12- $50.49 area. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
XME latest 1 hour Elliott Wave chart
This is the latest 1hr Elliott wave Chart from the 3/22/2022 Post-Market update. In which the ETF is showing a strong reaction higher taking place, right after ending the zigzag 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.