SPDR Metals and Mining ETF ($XME) reacting higher from extreme area

In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Metals & Mining ETF ($XME). The rally from 10.23.2023 low at $48.01 broke above 09.15 peak creating a bullish sequence. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

$XME four hours Elliott Wave chart 12.12.2023

Here is the 4H Elliott Wave count from 12.12.2023. We expected the pullback to find buyers at red 4 in a 7 swing structure (wxy).

$XME four hours Elliott Wave chart 12.13.2023

Here is the 4H update the next day showing the strong bounce taking place as expected. The ETF reacted higher after 7 swings from 12.01 peak allowing longs to get a risk free position. We expect the ETF to continue higher towards $63.52 – 75.51 before a pullback can happen.