Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of XLI ETF published in members area of the website. As our members know, XLI is showing bullish impulsive sequences in the cycle from the 96.1 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The ETF found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
XLI Elliott Wave 1 Hour Chart 12.21.2023
The ETF is giving us wave ((iv)) pull back that is unfolding as Double Three pattern. Pull back has already reached equal legs from the peak, blue box area. We expect buyers to appear at 111.62-110.51 for further rally or 3 waves bounce at least. We don’t recommend selling the ETF against the main bullish trend. Strategy is buying the dips at the marked extrme zone : 111.62-110.51 . Once bounce reaches 50 Fibs against the (x) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 110.51
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
XLI Elliott Wave 1 Hour Chart 12.24.2023
XLI found buyers at the blue box as expected and we got good reaction from there. Bounce already reached and exceeded 50 fibs against the ((x)) black connector which confirms cycle from the peak is done. Consequently, any long positions from the equal legs area should be risk free by now. We count pull back completed at the 111.13 low, but would like to see break above 3 red peak to confirm. As far as the price stays above 111.13low, we can see further strength in XLI, targeting 114.49+ area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels 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
New to Elliott Wave ? Check out our Free Elliott Wave Educational Web Page and download our Free Elliott Wave Book.
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 Free 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. 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 !
Back
