Health Care Select Sector ($XLV) Found Buyers at the Blue Box Area as Expected.

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Health Care Select Sector ($XLV). The rally from 1.25.2024 low at $137.21 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

Double Three (WXY) Corrective Structure

$XLV 1H Elliott Wave Chart 2.13.2024:

Here is the 1H Elliott Wave count from 2.13.2024. We expected the pullback to find buyers at the blue box area at 142.56 – 141.39 in a 7 swing structure (WXY).

$XLV 1H Elliott Wave Chart 2.16.2024:

Here is the 1H update few days later from 2.16.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box after doing a Double Three correction allowing longs to get a risk free position. The stock is expected to remain supported towards $156 – 168 before another pullback can happen.