In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP, which we presented to members at elliottwave-forecast.com. In which, the rally from December 2018 lows & August 2019 lows, showing the higher high sequence favored more strength to take place. Also, the right side tag pointed higher against $60.29 low seen on 11/05/2019 low with a bullish sequence stamp called for more upside. We will explain the structure & forecast below:
XLP 1 Hour Elliott Wave Chart
XLP 1 hour Elliott Wave Chart from 11/21/2019 Post-Market update, in which the ETF ended the 5 waves rally within wave (i) at $61.91 high. Down from there, the pullback in wave (ii) took place in 3 swings as a Flat structure, which managed to reach $61.31-$60.96 100%-161.8% Fibonacci extension area of lesser degree a-b. Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.
XLP Latest 1 Hour Elliott Wave Chart
Here’s 1 Hour Elliott Wave Chart from 12/02/2019 Post-Market update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous peak ($61.91) confirming the next extension higher. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $61.06 low the ETF should extend higher. It’s important to note that as the structure further develops & due to our distribution system we upgraded the degree of labeling into a corrective sequence.
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