SPDR Consumer Staples ETF ( $XLP ) Found Buyers At The Blue Box Area.

Elliottwave_Forecast

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 5.31.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

$TSLA

$XLP 4H Elliott Wave Chart 10.03.2024:

$XLP

Here is the 4H Elliott Wave count from 10.03.2024. The 5 wave impulsive cycle from 5.31.2024 ended on 9.16.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 81.33 – 80.00 in 3 swings.

$XLP 4H Elliott Wave Chart 10.15.2024:

$XLP

Here is the latest 4H update from 10.15.2024, showing the bounce taking place as expected. The cycle from the peak at blue (3) has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $85 – 87 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction so chasing now can be risky. A break of blue (3) high will confirm the next leg higher and negate the possibility of a double correction.

Elliott Wave Forecast

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Source:https://elliottwave-forecast.com/stock-market/949454/

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In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 5.31.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure &amp; forecast below:</p>\n<h2>5 Wave Impulse Structure + ABC correction</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2550ba93f932bfc98ca8ca8ed35131c7\" tg-width=\"1050\" tg-height=\"975\"><span>$TSLA</span></p>\n<h2>&nbsp;$XLP 4H Elliott Wave Chart 10.03.2024:</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1e0fba8f67be0524ef03a665046c62f3\" tg-width=\"1912\" tg-height=\"981\"><span>$XLP</span></p>\n<p style=\"text-align: justify;\">Here is the 4H Elliott Wave count from 10.03.2024. The 5 wave impulsive cycle from 5.31.2024 ended on 9.16.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 81.33 – 80.00 in 3 swings.</p>\n<h2>$XLP 4H Elliott Wave Chart 10.15.2024:</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c05ae31ebb3c081d63b35f2abce1ec9c\" tg-width=\"1912\" tg-height=\"981\"><span>$XLP</span></p>\n<p style=\"text-align: justify;\">Here is the latest 4H update from 10.15.2024, showing the bounce taking place as expected. The cycle from the peak at blue (3) has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $85 – 87 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction so chasing now can be risky. A break of blue (3) high will confirm the next leg higher and negate the possibility of a double correction.</p>\n<p><strong>Elliott Wave Forecast</strong></p>\n<p style=\"text-align: justify;\">We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet,&nbsp;&nbsp;<strong>Sign Up for 14 days Trial now</strong>and get access to new trading opportunities.</p>\n<p style=\"text-align: justify;\">Welcome to Elliott Wave Forecast!</p>\n<p>Source:https://elliottwave-forecast.com/stock-market/949454/</p></body></html>","htmlText":"<html><head></head><body><h2></h2>\n<p style=\"text-align: justify;\">Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 5.31.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure &amp; forecast below:</p>\n<h2>5 Wave Impulse Structure + ABC correction</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/2550ba93f932bfc98ca8ca8ed35131c7\" tg-width=\"1050\" tg-height=\"975\"><span>$TSLA</span></p>\n<h2>&nbsp;$XLP 4H Elliott Wave Chart 10.03.2024:</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1e0fba8f67be0524ef03a665046c62f3\" tg-width=\"1912\" tg-height=\"981\"><span>$XLP</span></p>\n<p style=\"text-align: justify;\">Here is the 4H Elliott Wave count from 10.03.2024. The 5 wave impulsive cycle from 5.31.2024 ended on 9.16.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 81.33 – 80.00 in 3 swings.</p>\n<h2>$XLP 4H Elliott Wave Chart 10.15.2024:</h2>\n<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/c05ae31ebb3c081d63b35f2abce1ec9c\" tg-width=\"1912\" tg-height=\"981\"><span>$XLP</span></p>\n<p style=\"text-align: justify;\">Here is the latest 4H update from 10.15.2024, showing the bounce taking place as expected. The cycle from the peak at blue (3) has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $85 – 87 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction so chasing now can be risky. A break of blue (3) high will confirm the next leg higher and negate the possibility of a double correction.</p>\n<p><strong>Elliott Wave Forecast</strong></p>\n<p style=\"text-align: justify;\">We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet,&nbsp;&nbsp;<strong>Sign Up for 14 days Trial now</strong>and get access to new trading opportunities.</p>\n<p style=\"text-align: justify;\">Welcome to Elliott Wave Forecast!</p>\n<p>Source:https://elliottwave-forecast.com/stock-market/949454/</p></body></html>","text":"Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 5.31.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below: 5 Wave Impulse Structure + ABC correction $TSLA $XLP 4H Elliott Wave Chart 10.03.2024: $XLP Here is the 4H Elliott Wave count from 10.03.2024. The 5 wave impulsive cycle from 5.31.2024 ended on 9.16.2024 at blue (3) and started a pullback. We expected the pullback to find buyers at the blue box area at 81.33 – 80.00 in 3 swings. $XLP 4H Elliott Wave Chart 10.15.2024: $XLP Here is the latest 4H update from 10.15.2024, showing the bounce taking place as expected. The cycle from the peak at blue (3) has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $85 – 87 area before another pullback can happen. Alternatively, the bounce can fail and continue lower in a 7 swings correction so chasing now can be risky. A break of blue (3) high will confirm the next leg higher and negate the possibility of a double correction. Elliott Wave Forecast We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet, Sign Up for 14 days Trial nowand get access to new trading opportunities. Welcome to Elliott Wave Forecast! 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