SPDR Select Sector Fund – Energy Select Sector ETF (XLE) Elliott Wave technical analysis [Video]

SPDR Select Sector Fund – Energy Select Sector ETF (XLE) Elliott Wave technical analysis

Daily chart analysis

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse Wave.

• Position: Wave i of (iii).

• Direction: Uptrend.

• Invalidation level: $84.03.

Details:

• The current wave (iii) rally is in its early stage.

• Wave i of (iii) is approaching its end, which sets up a possible wave ii pullback.

• This wave ii retracement will likely provide a strong buying opportunity before the powerful wave iii of (iii) initiates.

• The long-term trend remains bullish, keeping XLE at the top of our watchlist.

Four-hour chart analysis

• Function: Major Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave [4] of i.

• Direction: Uptrend.

• Invalidation level: $89.28.

• Key resistance: $94.29.

• Target price (Wave [5]): $96.00.

• Key support (Fib Level): ~$90.00.

Details:

• Wave [4] is developing as an expanded flat correction, expected to retrace around 38.2% of wave [3].

• After wave [4] completes, wave [5] of i is projected to drive prices higher, targeting around $96.00.

• Short-term investors should watch for an entry opportunity during this correction.

• A break above $94.29 will confirm bullish momentum and the continuation of wave [5].

Conclusion

• The wave [4] correction is currently playing out, likely to hold near the 38.2% retracement level.

• Once complete, the next leg—wave [5]—is expected to push XLE toward $96.00, offering a favorable buying setup for ETF investors.

• Traders should stay aligned with Elliott Wave principles and monitor the invalidation levels to avoid risk exposure.

SPDR Select Sector Fund – Energy Select Sector ETF (XLE) Elliott Wave technical analysis [Video]