SPDR Health Care ETF $XLV Found Buyers At The Blue Box Area.

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Health Care ETF ($XLV). The rally from 8.07.2024 low unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

 $XLV 1H Elliott Wave Chart 9.29.2024:

Here is the 1H Elliott Wave count from 9.29.2024. The 5 wave impulsive cycle from 8.07.2024 ended on 9.03.2024 at red 3 and started a pullback. We expected the pullback to find buyers at the blue box area at 153.35 – 150.72 in 3 swings.

$XLV 1H Elliott Wave Chart 10.14.2024:

Here is the 1H update from 10.14.2024, showing the bounce taking place as expected. The cycle from the peak has ended and the ETF has reacted higher from the blue box area allowing longs to get risk free. The bounce has failed and continued lower in a 7 swings correction where we like to enter again. Our members are able to see the next blue box area in 7 swings where the bounce is anticipated to take place.

Source: https://elliottwave-forecast.c...