Consumer Staples Select Sector ($XLP) finds buyers at the blue box area as expected

Elliott Wave Forecast Team ElliottWave-Forecast.com

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Consumer Staples Select Sector ($XLP). The rally from 2.14.2024 low at $72.36 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XLP one hour Elliott Wave chart 3.01.2024

Here is the 1H Elliott Wave count from 3.01.2024. We expected the pullback to find buyers at the blue box area at 74.00 – 73.43 in 3 swings.

$XLP one hour Elliott Wave chart 3.03.2024

Here is the 1H update few days later from 3.03.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box area after 3 swings allowing longs to get a risk free position. The ETF is expected to remain supported towards $76 – 78 before another pullback can happen.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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