XLY Responding Higher From The Elliott Wave Blue Box Area

Elliottwave_Forecast
11-21 01:49

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/

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • zippy1
    ·11-21 09:34
    Buy the dips
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