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

Elliott wave Forecast

Login
Start 14-Day Trial
You are here: Home / Stock Market / Consumer Staples Select Sector ($XLP) Found Buyers at the Blue Box Area as Expected.

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

By

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:

$XLPHere 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:

$XLPHere 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.

 

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 Free 14 days Trial now and get access to new trading opportunities.

Welcome to Elliott Wave Forecast!

Back

Subscribe Now to Get 20% Off (Every Month) on All Monthly Plans

USE PROMO CODE: 19DC5CBD6B
Offer valid for limited time only.

Access live technical forecast of Stocks, ETFs, Indices, Forex, Commodities, Crypto and more.
BECOME A MEMBER TODAY
Hourly Counts - Live Analysis Session - Live Trading Rooms
close-link