The Metals and Mining ETF (NYSE:XME) tends to slog and churn slowly, but it does so in broad, sweeping cycles. Looking at the entire history of this instrument, you can plainly see a quartet of reversal patterns. I have used SlopeCharts‘ expansion feature to make the future and the downside potential more clear.
My bearishness on XME may seem incongruous with my bullishness on gold, but take note of this ETF.com item which illustrates that the vast majority of the metals & mining fund has nothing to do with precious metals (which constitutes about one-third of it).
