XLY Responding Higher From The Elliott Wave Blue Box Area
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of XLY We presented to members at the elliottwave-forecast. In which, the rally from the 23 October 2024 low unfolded as an impulse structure. Also showed a higher high sequence with a bullish sequence stamp. Suggested that ETF should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
XLY 1-Hour Elliott Wave Chart From 11.15.2024
Here’s the 1-hour Elliott wave chart from the 11.15.2024 Midday update. In which, the short-term cycle from the 10.31.2024 low ended in wave 3 as impulse at $220.39 high. Down from there, the ETF made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $215.75 low. Wave ((x)) bounce ended at $219.54 high. Then wave ((y)) managed to reach the blue box area at $214.89- $212.02. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
XLY Latest 1-Hour Elliott Wave Chart From 11.19.2024
XLY Responding Higher From The Elliott Wave Blue Box Area
This is the latest 1-hour Elliott wave Chart from the 11.19.2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $220.39 high is yet to be seen to confirm the next extension higher in wave 5 towards minimum extension target at $222.30- $225.35.
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Source:https://elliottwave-forecast.com/stock-market/xly-responding-higher-blue-box-area/
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- zippy1·09:34Buy the dipsLikeReport