Report
Eric Morera

XLP Resuming Higher From Another Blue Box Area

In this technical blog, we are going to take a look at the past performance of 1 hour  Charts of XLP a consumer staple ETF, which we presented to members at . 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 , 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.

If you are looking for real-time analysis in XLP along with other ETFs along with major US stocks then join us with a  for the latest updates & price action.

Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader. Then join our service by taking a .

Source:-forecast.com/stock-market/xlp-resuming-higher-another-blue-box/

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Elliott Forecast
Elliott Forecast

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. 

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Eric Morera

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