XLF into the new highs after reaching blue box area
|In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of XLF. In which, the rally from the 05 August 2024 low unfolded as an impulse structure and showed a higher high sequence. Suggested that ETF should see more upside extension to complete the impulse sequence. 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:
XLF one-hour Elliott Wave chart from 10.31.2024
Here’s the 1-hour Elliott wave chart of XLF from the 10.31.2024 Midday update. In which, the short-term cycle from the 9.25.2024 low ended in wave ((iii)) as impulse at $47.81 high. Down from there, the ETF made a pullback in wave ((iv)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (w) ended at $46.52 low. Wave (x) bounce ended at $47.43 high and wave (y) managed to reach the blue box area at $46.14- $45.34. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
XLF latest one-hour Elliott Wave chart from 11.12.2024
This is the latest 1-hour Elliott wave Chart from the 11.12.2024 Post-Market update. In which the ETF is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. Since then the ETF has managed to make a new high above $47.81 high. Confirming the next extension higher towards $50.48- $51.53 area before profit taking & a pullback happens in another 3 swings at least.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.