In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP a consumer staple ETF, which we presented to members at elliottwave-forecast.com. In which, the rally from 16 April 2024 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $74.71 low seen on 5/01/2024 low called for more upside. We will explain the structure & forecast below:
XLP 1-Hour Elliott Wave Chart From 5.14.2024
XLP 1 hour Elliott Wave Chart from 5/14/2024 Midday update, in which the ETF ended the 5 waves rally within wave 3 at $78 high. Down from there, the pullback in wave 4 took place in 3 swings as zigzag structure, which managed to reach $77.06-$76.60 100%-161.8% Fibonacci extension area of ((a))-((b)). Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.
XLP 1-Hour Elliott Wave Chart From 5.19.2024
Here’s 1 Hour Elliott Wave Chart from 5/19/2024 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous high confirmed the next extension higher. Also, with this rally higher the ETF allowed our members to take profits from the bounce higher.
Source: https://elliottwave-forecast.com/stock-market/xlp-resuming-higher-another-blue-box/