Consumer Staples Select Sector ($XLP) Found Buyers at the Blue Box Area as Expected.

Elliottwave_Forecast
03-06

Consumer Staples Select Sector ($XLP) Found Buyers at the Blue Box Area as Expected.

March 4, 2024 By EWFTaha

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Consumer Staples Select Sector ($XLP). The rally from 2.14.2024 low at $72.36 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:

$XLP 1H Elliott Wave Chart 3.01.2024:

Here is the 1H Elliott Wave count from 3.01.2024. We expected the pullback to find buyers at the blue box area at 74.00 – 73.43 in 3 swings.

$XLP 1H Elliott Wave Chart 3.03.2024:

$XLP

Here is the 1H update few days later from 3.03.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box area after 3 swings allowing longs to get a risk free position. The ETF is expected to remain supported towards $76 – 78 before another pullback can happen.

 

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Source:https://elliottwave-forecast.com/stock-market/consumer-staples-select-sector-xlp-found-buyers-blue-box-area-expected/

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  • EllisBird
    ·03-06
    Nice call on the blue box area for buyers!
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