In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLP a consumer staple ETF from the USA, which we presented to members at sifaha.com. In which, the rally from December 2018 lows, showed the higher high sequence in higher time frame charts favored more strength. Also, the right side tag pointed higher against $55.52 low seen on 5/31/2019 low called for more upside. We will explain the structure & forecast below:
XLP 1 Hour Elliott Wave Chart From 6/16/2019
XLP 1 hour Elliott Wave Chart From 6/16/2019 weekend update, in which the rally from $55.52 low unfolded as impulse structure within wave 1 looking to extend higher 1 more time. Afterwards, the ETF was expected to see a wave 2 pullback in 3, 7 or 11 swings to correct the short term rally from $55.52 low before resuming higher again. Therefore, we advised our members not to sell it in a proposed pullback & keep looking to buy the wave 2 dips in 3, 7 or 11 swings at the extreme blue box areas.
XLP 1 Hour Elliott Wave Chart From 6/30/2019
XLP 1 hour Elliott Wave Chart from 6/30/2019 weekend update, in which the ETF ended the 5 waves rally within wave 1 at $59.71 high. Down from there, the pullback in wave 2 took place in 3 swings as zigzag structure, which managed to reach $57.81-$57.02 100%-161.8% Fibonacci extension area of ((a))-((b)). Thus provided buying opportunity to our members at the blue box area looking for the next extension higher or for 3 wave reaction higher at least.
XLP 1 Hour Elliott Wave Chart From 7/07/2019
Here’s 1 Hour Elliott Wave Chart from 7/07/2019 Weekend update, in which the ETF is showing reaction higher taking place from the blue box area. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above the previous wave 1 peak ($59.71) confirming the next extension in wave 3 higher. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $57.77 low the ETF should extend higher.
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