XME At Key 8 Year Chart Level: Fibonacci .236- A Harmonic Pivot

I am a person who believes in harmonic patterns.
XME-and the metals that comprise this-ETF are repeating an 8 year pattern.
In the mid 2008 sell-off-XME crawled back to retracement level .50, but this took two years.
Look on the above chart at Retracement Level (1).
Then look at Retracement Fibonacci (2), which is a FAILURE at Fib .236.
Now look at Retracement Level (3), a two year battle at a retracement of .50 which ended in FAILURE, with a price decline to $12.
Now look at Retracement Level (4) - this is Fibonacci .236 AGAIN.
I have been very BULLISH on-XME, but to get to Fibonacci .382 (about $36.79), XME-must not fail at Fibonacci .236.

If you are long and have profits, keep your stops close. XME-has come long and strong. A pause is due.
Furthermore, I have drawn an EIGHT YEAR DOWN TREND LINE from 2008 to the present.
This is a very powerful negative. If-XME is to continue its current bullish trend, it has to penetrate $30 and hold.
After a pause, look for higher highs and lower lows. If you don't see this then protect yourself and do not get caught in the resumption of the year 2008 down-trend. My upside forecast for-XME (14 days ago) was Fibonacci .382 ($36.79). To do this, XME-must not fail at the current level of Fibonacci .236.
If XME-fails, then the gold-complex will most likely be weaker also. Why? There are a lot of gold-stocks in-XME. I published a dozen of these charts 14 days ago.
As always, good luck to you. Don.