Along with most other industrial metals & the basic materials sector, REMX (Rare Earths ETF) appears headed lower in the coming weeks. Unofficial trade idea at this time as although XLB (Basic Materials ETF) did break down today below the bearish rising wedge pattern that was highlighted in recent videos, it is currently trading just above the 46.10ish support level. Ideally, I’d like to see XLB trade below 46.00 with REMX breaking down below this bearish rising wedge pattern before shorting REMX.
REMX daily May 3rd