The Metals & Mining ETF 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 plain. As always, click the image for a super-big version.
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 noting to do with precious metals (which constitutes about one-third of it).