SPDR Consumer Staples ETF ($XLP) reacting higher from extreme area

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 10.06.2023 low at $65.16 unfolded as 5 waves. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XLP 4H Elliott Wave chart 12.20.2023

Here is the 4H Elliott Wave count from 12.20.2023. We expected the pullback to find buyers at red 4 in a 3 swing structure (ABC) at 69.97 – 68.90.

$XLP 4H Elliott Wave chart 12.24.2023

Here is the latest 4H update showing the bounce taking place as expected. The ETF reacted higher after reaching the extreme area allowing longs to get a risk free position. We expect the ETF to continue higher towards $73.19 – 74.15 before a pullback can happen.