Hello fellow traders. XLV is another instrument that we have been trading lately . In this technical blog we’re going to take a quick look at the Elliott Wave charts of XLV, published in members area of the website. As our members know, XLV is correcting the cycle from the January 22nd peak (105.09) . The price is showing bullish sequences in the short term cycle from the March 23rd low, suggesting more strength ideally. XLV is targeting 99.85+ area as far as short term pivot at 83.94 low stays intact. Consequently, we advised members to avoid selling XLV and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
XLV 1 Hour Elliott Wave Analysis 4.7.2020
Currently XLV is doing wave (B) blue pull back against the 83.94 low. Pull back is unfolding as Elliott Wave Zig Zag Pattern, when we have already got 3 waves down from the peak. The price has reached our buying zone, equal legs A-B red at 90.88-89.37 ( blue box) . At the marked Blue Box area area we expect buyers to appear for proposed rally or 3 waves bounce at least. As soon as the price reaches 50 Fibs against the B red high, we should make Long Positions risk free. We don’t recommend selling and favor the long side.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
XLV 1 Hour Elliott Wave Analysis 4.7.2020
XLV found buyers at 90.88-89.37 , the Blue Box area. We got nice reaction from there, when the price made new high, confirming next leg up is in progress. All longs from the blue box should be risk free at this stage. We expect more strength in XLV toward 99.85+ area, which is equal legs from the March 23rd low.
Keep in mind that market is dynamic and presented view could have changed in the mean time. 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. You can check most recent charts in the membership area of the site.
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