Hello fellow traders. In this blog, we will have a look at some past  Elliott Wave charts of the Industrial Select Sector (XLI) which we presented to our members in the past. Below, you see the 1-hour updated chart presented to our clients on the 08/13/18 showing that XLI ended the cycle from 06/27 low in red wave 1.

As XLI ended the cycle from 06/27 low, at the high of 77.13 (07/31 peak). It started a pullback lower in red wave 2. The pullback proposed to unfolded as an Elliott Wave ZigZag structure. The right side in the 4H timeframe was at that time to the upside. So we advised members that we like buying XLI at the equal legs from 07/31 peak.  Therefore, we expected buyers to appear in the dips in the sequences of 3, 7 or 11 swings. At the 100 – 1.236 Fibonacci extension of black ((a))-((b)). Which came at around  74.55-7406  area. And that was the first area for buyers to appear to take prices to new highs above red wave 1 peak or a larger 3 waves bounce at least.

XLI 08.13.2018 1 Hour Chart Elliott Wave Analysis

In the last Elliott Wave charts, you can see that XLI continued nicely the bounce after reaching the blue box area (74.55-74.06). Due to the higher timeframe right side, long trades where authorized accordingly to our trading system. So the equal legs blue box was a buy and any trade from that area was risk-free and hit also our take profit after a few days, yielding us a nice profit.  Do please keep in mind that the 1-hour chart which I presented have changed already. If you want updates every day. I can recommend you to take our Summer Special Promotion below.

XLI 08.20.2018 1 Hour Chart Elliott Wave Analysis

XLI 08.29.2018 1 Hour Chart Elliott Wave Analysis

I hope you enjoyed this blog and I wish you all good trades and if you interested in learning more about our unique blue box areas and also want to trade profitably. You can join us now and get 50% off on all monthly plans . Limited time only!

We believe in cycles, distribution, and many other tools in addition to the classic or new Elliott Wave Principle.