Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of XLF ETF published in members area of the website. As our members know XLF is giving us pull back against the May 3rd low. Correction made clear 3 waves from the peak and reached the Equal Legs zone. In further text we’re going to explain the Elliott Wave forecast.
XLF Elliott Wave 1 Hour Chart 08.09.2023
Current view suggests the price is doing wave ((iv)) pull back. The ETF is showing incomplete sequences in the cycle from the 35.72 peak. At the moment we can count 5 swings down from the peak, which is incomplete structure. As far as the price stays below (x) blue high : 35.47 , we expect to see further extension down in 7th swing, targeting 34.46-33.84 area.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
XLF Elliott Wave 1 Hour Chart 08.09.2023
The price held below 35.47 high and we got the decline as expected. Short term b red recovery ended at 35.25 as 3 waves. At the moment the price is approaching first target at 34.46. Current wave count suggests we are in c red of (y) blue which can keep trading lower toward extreme zone 34.46-33.84. From that zone we can see turn higher again in 3 waves bounce at least. The break below 33.84 would invalidate the count.
Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Elliott Wave Forecast
We cover 78 instruments in total, but it’s important to keep in mind that not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.
Welcome to Elliott Wave Forecast !
