Elliott Wave Forecast Team
ElliottWave-Forecast.com
In this technical blog we’re going to take a quick look at the Elliott Wave charts of XLI ETF, published in members area of the website. As our members know XLI is showing impulsive bullish structure in the cycle from the 109.9 and we have been favoring the long side of the ETF. Recently, we experienced a pullback consisting of three clear waves, which found buyers right at our buying zone (blue box). In the following text, we’ll delve into the Elliott Wave forecast and trading setup.
XLI one-hour post-market update 04.05.2024
The current view suggests that XLI is undergoing a wave ((iv)) correction. The pullback has reached an extreme zone within the 123.74-122.11 area, also known as the Blue Box. We acknowledge that the pullback could conclude at any moment. Therefore, we are initiating long positions within the Blue Box. Given the prevailing bullish trend, we anticipate at least a three-wave bounce from this area. Once the price touches the 50% Fibonacci retracement level against the (b) blue connector, we will secure positions, setting the stop loss at breakeven and booking partial profits. However, it’s important to note that breaking below the 1.618 Fibonacci extension level at 122.11 would invalidate the trade. We advise against selling the ETF and anticipate a further rally to resume from the buyer’s zone at 123.74-122.11.
Quick reminder on how to trade our charts :
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.
XLI one-hour weekend update 04.07.2024
XLI has given us a nice reaction from the buying zone as expected. The bounce reached and exceeded 50% Fibonacci retracement against the (b) blue high, so we consider wave ((iv)) black completed at the 123.61 low. Consequently, long positions should now be risk-free, and partial profits should be saved. We anticipate a break of the ((iii)) black peak to confirm that the next leg up is in progress. Alternatively, if the price breaks below the 123.61 low, the ETF will open up the possibility for a 7-swing pattern. In that case, long positions will be stopped out, and we will look to buy the dips again at the next set of equal legs.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended content
Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.