SPDR Energy Select Sector ( $XLE) Found Buyers at the Blue Box Area as Expected.
Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Energy Select Sector ($XLE). The rally from 1.18.2024 low at $78.98 unfolded as 5 waves impulse. We expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
5 Wave Impulse Structure + ABC correction
$XLE 4H Elliott Wave Chart 5.02.2024:
Here is the 4H Elliott Wave count from 5.02.2024. We expected the pullback to find buyers after a 3 swings Zig-Zag correction (ABC) at the blue box area at 91.40 – 87.99.
$XLE 4H Elliott Wave Chart 5.06.2024:
Here is the latest 4H update from 5.06.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free. The ETF is expected to remain supported with a target area towards $101 – 104 before another pullback can happen.
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