XLE – SPDR Energy Select Sector ETF Elliott Wave analysis [Video]

Peter Mathers TradingLounge

XLE – SPDR Energy Select Sector ETF Elliott Wave analysis

Daily chart Overview (one-day)

Function: Major Trend.
Mode: Motive.
Structure: Impulse Wave.
Current Position: Wave i of (iii).
Direction: Uptrend.
Invalidation Level: $84.03.

Details:

The rally in wave (iii) is in its early stages, with wave i nearing completion.
A pullback in wave ii is expected next, offering a solid buying opportunity.
The strongest move, wave iii of (iii), is still ahead, making XLE a high-priority ETF to monitor.

Four-hour chart overview (four-hour)

Function: Major Trend.
Mode: Motive.
Structure: Impulse.
Current Position: Wave [5] of i.
Direction: Uptrend.
Invalidation level: $91.97.

Details:

The fifth wave is active and pushing toward the completion of wave i in the larger bullish cycle.
This phase presents a short-term entry point for intraday traders.
The $94.29 high is expected to be broken by the ongoing wave [5] advance.

Conclusion

The wave i rally is close to finishing, and the next retracement (wave ii) may create a prime long entry.
The $96.00 level is seen as the likely cap for the wave i advance.
ETF traders should watch closely, as this presents an attractive long setup.
Traders must remain cautious by respecting Elliott Wave rules and monitoring key invalidation points to avoid potential losses.

XLE – SPDR Energy Select Sector ETF Elliott Wave analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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