XME Is Ready to Fall Hard

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Here is the metals and mining ETF, which has demonstrated its overhead supply by way of that upper horizontal line:

slopechart XME

As you can see from many years of data, this instrument definitely has the ability to top and fall.

slopechart XME

As the ratio chart below suggests, XME’s explosive rally versus GDX is very long in the tooth, which I believe improves the likelihood that XME is in for some weakness.

slopechart XME GDX