XLE – SPDR Energy Select Sector ETF Elliott Wave analysis [Video]
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XLE – SPDR Energy Select Sector ETF Elliott Wave analysis
Daily chart Overview (one-day)
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Function: Major Trend.
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Mode: Motive.
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Structure: Impulse Wave.
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Current Position: Wave i of (iii).
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Direction: Uptrend.
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Invalidation Level: $84.03.
Details:
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The rally in wave (iii) is in its early stages, with wave i nearing completion.
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A pullback in wave ii is expected next, offering a solid buying opportunity.
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The strongest move, wave iii of (iii), is still ahead, making XLE a high-priority ETF to monitor.
Four-hour chart overview (four-hour)
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Function: Major Trend.
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Mode: Motive.
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Structure: Impulse.
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Current Position: Wave [5] of i.
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Direction: Uptrend.
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Invalidation level: $91.97.
Details:
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The fifth wave is active and pushing toward the completion of wave i in the larger bullish cycle.
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This phase presents a short-term entry point for intraday traders.
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The $94.29 high is expected to be broken by the ongoing wave [5] advance.
Conclusion
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The wave i rally is close to finishing, and the next retracement (wave ii) may create a prime long entry.
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The $96.00 level is seen as the likely cap for the wave i advance.
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ETF traders should watch closely, as this presents an attractive long setup.
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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.
