XLP Buying The Elliott Wave Dips At Blue Box Areas

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP a consumer staple ETF from the USA, which we presented to members at elliottwave-forecast.com. In which, the rally from December 2018 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $55.52 low seen on 5/31/2019 low called for more upside. We will explain the structure & forecast below:

XLP 1 Hour Elliott Wave Chart From 6/16/2019

XLP 1 hour Elliott Wave Chart From 6/16/2019 weekend update, in which the rally from $55.52 low unfolded as impulse structure within wave 1 looking to extend higher 1 more time. Afterwards, the ETF was expected to see a wave 2 pullback in 3, 7 or 11 swings to correct the short term rally from $55.52 low before resuming higher again. Therefore, we advised our members not to sell it in a proposed pullback & keep looking to buy the wave 2 dips in 3, 7 or 11 swings at the extreme blue box areas.

XLP 1 Hour Elliott Wave Chart From 6/30/2019

XLP 1 hour Elliott Wave Chart from 6/30/2019 weekend update, in which the ETF ended the 5 waves rally within wave 1 at $59.71 high. Down from there, the pullback in wave 2 took place in 3 swings as zigzag structure, which managed to reach $57.81-$57.02 100%-161.8% Fibonacci extension area of ((a))-((b)). Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.

XLP 1 Hour Elliott Wave Chart From 7/07/2019

Here’s 1 Hour Elliott Wave Chart from 7/07/2019 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous wave 1 peak ($59.71) confirming the next extension in wave 3 higher. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $57.77 low the ETF should extend higher.

Interested in active FX or CRYPTO Elliott Wave labeled charts on a daily basis? Now it's your time; we have a SPECIAL offer; 50% Off on FX and Crypto markets. Check Elliott Wave Forecast website for more details.

Share: Analysis feed

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.