Consumer Staples Select Sector ($XLP) 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 Consumer Staples Select Sector ($XLP). The rally from 2.14.2024 low at $72.36 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XLP 1H Elliott Wave Chart 3.01.2024:

Here is the 1H Elliott Wave count from 3.01.2024. We expected the pullback to find buyers at the blue box area at 74.00 – 73.43 in 3 swings.

$XLP 1H Elliott Wave Chart 3.03.2024:

Here is the 1H update few days later from 3.03.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box area after 3 swings allowing longs to get a risk free position. The ETF is expected to remain supported towards $76 – 78 before another pullback can happen.