Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of SPDR Consumer Discretionary ETF ($XLY). The rally from 5.31.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 5.25.2023 low. So, we advised members to buy the pullback in 3 swings at the blue box area ($164.14 – 161.99). We will explain the structure & forecast below:
$XLY 1H Elliott Wave Chart 6.22.2023:
Here is the 1H Elliott Wave count from 6.22.2023. The rally from 5.31.2023 at ((ii)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 3 swings at $164.14 – 161.99 where we entered as buyers.
$XLY 1H Elliott Wave Chart 6.23.2023:
Here is the next day 1H update showing the move taking place as expected. The ETF has reacted higher ending the cycle from 6.16.2023 peak allowing longs to get a risk free position. We expect more upside in a series of 4s and 5s in the near term.
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