In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of XLV, which we presented to members at the . In which, the rally from 25 March 2021 low ended  rally and made a pullback. And we knew that the structure is incomplete for 1 more high at least to complete the 5 waves sequence & it should see more strength. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

XLV 1 Hour Elliott Wave Chart

Above is the 1hr Elliott wave chart of XLV from 5/13/2021 Post-Market update. In which the rally to $125.19 high ended the cycle from 3/25/2021 low in 5 waves structure within wave 3. Down from there, the stock made a pullback in wave 4. The internals of that pullback unfolded as  where wave ((a)) ended at $123.03 low. Wave ((b)) bounced ended at $124.10 high. Then wave ((c)) managed to reach the $121.94- $120.61 blue box area. From where next leg higher was expected to take place looking for a new high ideally or for a 3 wave bounce at least.

XLV 1 Hour Elliott Wave Chart

Here’s the latest 1hr chart from the 5/30/2021 Weekend update. The XLV is showing a strong reaction higher taking place from the blue box area after ending the zigzag correction within wave 4 at $121.38 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area.

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.

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