SPDR Industrial Select ETF ( $XLI) found buyers at the blue box area as expected

In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Industrial Select ETF ($XLI). The rally from 1.17.2024 low at $109.95 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 7 swings and find buyers again. We will explain the structure & forecast below:

Seven swings WXY correction

$XLI one-hour Elliott Wave chart 4.22.2024

Here is the 1H Elliott Wave count from 4.22.2024. We expected the pullback to find buyers at the blue box area at 120.36 – 117.64 in 7 swings.

$XLI one-hour Elliott Wave chart 4.24.2024

Here is the 1H update from 4.24.2024 showing the bounce taking place as expected. The ETF has reacted higher from the blue box area allowing longs to get risk free before the next leg takes place. The ETF is expected to remain supported with a target area towards $128 – 130 before another pullback can happen.