$XME Elliott Wave: ETF Made the Expected Drop in Wave C

Hello traders. In this technical article, we will review the Elliott Wave forecast for the SPDR S&P Metals & Mining ETF (XME) that we recently presented to our members.

XME has been forming a three-wave correction, with the price making a significant decline during the Wave C leg, as we forecasted. In this article, we will review the Elliott Wave structure and the forecast we presented to our members.

XME Elliott Wave 1-Hour Chart – 09.09.2026

XME is correcting the cycle from the 96.42 low. At the time of the original forecast, the correction appeared incomplete. We could count five waves down from the peak, suggesting that another leg lower could develop. Based on this structure, we expected the correction to continue as a potential Zig Zag pattern, labeled (A)-(B)-(C).

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XME Elliott Wave 1-Hour Chart – 09.09.2026

XME has continued lower and made another five-wave leg down, as expected. The price has now reached the extreme zone at 113.15–107.56 . From this area, we can see a bounce developing in at least three waves. We will continue to monitor the structure to see how the price reacts from this zone and whether it can confirm the next phase of the correction.

Keep in mind that the market is dynamic, and the outlook may have changed in the meantime. Our member Chat Rooms are open 24 hours a day, Monday through Friday, on trading days, providing ongoing expert guidance on market trends and Elliott Wave analysis. Members can ask questions about market structure and technical setups at any time during trading days.

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