XLE – SPDR Energy Select Sector ETF Elliott Wave analysis [Video]

XLE – SPDR Energy Select Sector ETF Elliott Wave analysis

Daily chart Overview (one-day)

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse Wave.

• Current Position: Wave i of (iii).

• Direction: Uptrend.

• Invalidation Level: $84.03.

Details:

• The rally in wave (iii) is in its early stages, with wave i nearing completion.

• A pullback in wave ii is expected next, offering a solid buying opportunity.

• The strongest move, wave iii of (iii), is still ahead, making XLE a high-priority ETF to monitor.

Four-hour chart overview (four-hour)

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse.

• Current Position: Wave [5] of i.

• Direction: Uptrend.

• Invalidation level: $91.97.

Details:

• The fifth wave is active and pushing toward the completion of wave i in the larger bullish cycle.

• This phase presents a short-term entry point for intraday traders.

• The $94.29 high is expected to be broken by the ongoing wave [5] advance.

Conclusion

• The wave i rally is close to finishing, and the next retracement (wave ii) may create a prime long entry.

• The $96.00 level is seen as the likely cap for the wave i advance.

• ETF traders should watch closely, as this presents an attractive long setup.

• Traders must remain cautious by respecting Elliott Wave rules and monitoring key invalidation points to avoid potential losses.

XLE – SPDR Energy Select Sector ETF Elliott Wave analysis [Video]