XME SPDR SNP Metals and Mining
a break below 40 level is very bearish for metals, and it is a hint that a potential long bearish trend awaits gold and silver.
A bullish scenario, if the ETF managed to break 54.00 level , it is a short term bullish, however a break above 67.00 is a strong confirmation that all metals including gold, silver, palladium, platinum, and copper will be break new highs.
Technically we can still consider wave i blue as leading that can terminate at 42.00 +/- then wave iii impulsive to challenge 54.00 and 67.00 levels. A break below 40.00 invalidates the study and another count should be studied.
Regards
