Riding the Wave: ( $XLU)’s Impressive Rally and What’s Coming Next Part 2
Hello everyone! In today’s article, we will follow up on the past performance of the SPDR Utilities Select Sector ETF ($XLU) forecast. We will also review the latest weekly count. First, let’s take a look at how we analyzed it back in October 2023.$XLU Weekly Elliott Wave View – October 2023:
$XLU
In October 2023, we explained that $XLU had reached the Blue Box area at $55.81 – $44.73. A bounce was anticipated at this level. This area was a critical support zone identified by our Elliott Wave analysis.
$XLU Weekly Elliott Wave View – May 28, 2024:
$XLU
In May 2023, we explained that $XLU has bounced from the Blue Box area. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $XLU to continue its rally towards the $74.00 – $79.00 range in a 5-wave pattern. This rally is favored to happen before another pullback occurs. Traders should look for re-entry opportunities at black ((2)) in 3 or 7 swings. Moreover, a break above the all-time highs (ATHs) will start a bullish sequence towards the $89 – $111 range.
$XLU Weekly Elliott Wave View – Oct 07, 2024:
$XLU
The latest weekly update is showing that the ETF has broke above the all-time highs. As a result, it has opened a bullish sequence. We expect The ETF to continue its rally towards the $83.64 – $92.58 range in a series of wave 4 and 5 pattern. Traders can look for re-entry opportunities at red 4 and blue (4) in 3 or 7 swings. Once the pattern is complete, a larger degree pullback in black ((2)) is expected to take place to correct the entire cycle from Oct 2023 low.
Elliott Wave Forecast
At Elliott Wave Forecast, we cover 78 instruments, providing comprehensive analysis and updates. Please note that not every chart is a trading recommendation. Official Trading Recommendations are available in our Live Trading Room. If you’re not a member yet, Sign Up for 14 days Trial to access new trading opportunities and enhance your trading strategy.
Welcome to Elliott Wave Forecast!
Source:-forecast.com/stock-market/riding-xlu-impressive-rally/
Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.