To reverse the elements of array X1, a sequence of assembly statements is required. The initial code setup includes a loop intended to run five times, but it lacks a proper loop statement targeting the loop's label. Once this is corrected, the code should function as intended. Debugging is recommended to verify the program's correctness, specifically by inspecting the array contents after the loop completes. The expected final array should display values in reverse order, such as 1ah, 90h, 80h, ..., 10h.