XLF Elliott Wave technical analysis [Video]
|XLF Elliott Wave technical analysis
Function: Major Trend.
Mode: Motive.
Structure: Impulse Wave.
Position: Wave 3.
Direction: Uptrend.
Details:
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Wave 3 is currently unfolding and expected to lead to new highs.
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This wave typically represents the strongest phase of the impulse structure.
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The rally is projected to surpass the previous $52.64 high.
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However, there remains the possibility that the current move is part of a larger correction—possibly wave [b] of 2 not yet completed.
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Key support rests at the $45.14 low.
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Invalidation level is set at $42.21.
XLF Elliott Wave technical analysis
Function: Major Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave (iii) orange.
Direction: Uptrend.
Details:
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Wave (ii) appears to have completed but could evolve into a flat structure.
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The low of wave (ii) acts as the critical support level.
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The low of wave [c] of 2 is also key support.
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Breaching the $47.89 high offers initial confirmation, though it remains insufficient alone.
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The projected end of wave (iii) targets a price beyond $51.00.
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Key support remains $45.14.
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Invalidation level: $42.21.
Conclusion:
The ongoing XLF rally is likely wave (iii) of a developing wave [i] within wave 3. This setup presents an attractive opportunity for ETF traders looking to go long. Price action is expected to exceed the $52.64 high, with $51.00 as the minimum wave (iii) target. Strict adherence to Elliott Wave rules and monitoring key invalidation levels is essential to avoid false setups and unnecessary losses.
Technical analyst: Siinom.
XLF Elliott Wave technical analysis [Video]
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