I think this downtrend tend to be much longer. But how long will last?
Let's see the last deep correction (much deeper than 60%) of XEMs bubble in the past, and RSI indicator behaviour (in second half of 2016).
What we need on XEMUSD chart now is much more divergence on RSI. For now there is no divergence so it should be created by market players. It should be accumulation phase before new bubble scheme.
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Fibo time zones - in the past...
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...and now
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That's one of possible scenarios, but of course some fundamental news can change everything - without that news, fading will continue for sure.