20Mar

SPDR Select Sector Fund ETF (XLF) Elliott Wave Technical Analysis: Expect a Bullish Continuation After a Potential Pullback

SPDR Select Sector Fund ETF (XLF) – TradingLounge Daily Chart

SPDR Select Sector Fund ETF (XLF) Daily Chart Analysis

SPDR Select Sector Fund ETF (XLF) Elliott Wave Technical Analysis 

Function: Major Trend

Mode: Motive

Structure: Impulse Wave

Position: Wave 5 Navy

Direction: Uptrend

Details:

  • The 4th wave found support at $47.22, forming a flat correction pattern.
  • The ongoing rally is in its early stages and aims to fully retrace Wave 4 within a five-wave upward structure.

Minimum target: $54.00, aligning with the upper boundary of Elliott’s final channel.

Invalidation Level: $47.22—a drop below this level would nullify the current wave count.

SPDR-Select-Sector-F...


SPDR Select Sector Fund ETF (XLF) – TradingLounge 4-Hour Chart Analysis

SPDR Select Sector Fund ETF (XLF) 4-Hour Chart Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave 5 Navy

Direction: Uptrend

Details:

  • Wave 4 has successfully ended within the projected KTL time range, confirming the Elliott wave count.
  • The ongoing rally in Wave 5 signals a potential strong buying opportunity.
  • A temporary pullback (throwback) is likely before the uptrend resumes, offering an optimal entry point.
  • The $52.635 high is expected to be surpassed in the current wave formation.

Key Level: $48.18—watch this level for potential support.

Invalidation Level: $47.23—a decline below this mark would negate the bullish structure.

Technical Analyst: Siinom

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

See Previous: SPDR Select Sector Fund ETF – XLF Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

SPDR-Select-Sector-F...


Conclusion

  • The 4th wave correction in XLF has been completed, confirming a wave cycle reset.
  • The current rally is part of the 5th wave, reinforcing the strong bullish outlook.
  • A pullback within the fifth-wave substructure is possible before a significant rally unfolds.
  • This bullish setup presents a favourable long-position opportunity for ETF traders.
  • Traders should adhere to Elliott Wave principles and closely monitor invalidation levels to manage risk effectively.

This analysis provides a technical roadmap for navigating XLF's wave cycle while maintaining optimal risk-reward strategies.

Related

CAC 40 Elliott Wave Forecast with Daily and Weekly Chart Analysis Highlighting Corrective Wave Structure and France Stock Market

CAC 40 Elliott Wave Forecast with Daily and Weekly Chart Analysis Highlighting Corrective Wave Structure and France Stock Market

Accurate Elliott Wave forecast for the CAC 40 index with detailed daily and weekly chart analysis. U...

Read More >
Comprehensive ASX Trading Guide: Woodside Energy Group (WDS) Stock Analysis and Elliott Wave Forecast

Comprehensive ASX Trading Guide: Woodside Energy Group (WDS) Stock Analysis and Elliott Wave Forecast

This analysis provides a comprehensive Elliott Wave outlook for ASX: Woodside Energy Group (WDS). Ga...

Read More >
Understand FMG's stock trends FORTESCUE LTD - FMG Stock Analysis & Elliott Wave Technical Forecast

Understand FMG's stock trends FORTESCUE LTD - FMG Stock Analysis & Elliott Wave Technical Forecast

Explore an in-depth Elliott Wave analysis of Fortescue Metals Group Ltd (FMG) on the Australian Stoc...

Read More >
The Procter & Gamble Co.(PG:NYSE) Elliott Wave Technical Analysis 1 December 23

The Procter & Gamble Co.(PG:NYSE) Elliott Wave Technical Analysis 1 December 23

The Procter & Gamble Co.(PG: NYSE) Elliott Wave Technical Analysis dated 1 December 23, PG Stock Mar...

Read More >
Looking to Capitalize on Short-term Pullbacks and Market Movements: NEO Crypto Price News and NEOUSD Elliott Wave Analysis

Looking to Capitalize on Short-term Pullbacks and Market Movements: NEO Crypto Price News and NEOUSD Elliott Wave Analysis

This article provides a detailed Elliott Wave Analysis for NEOUSD, covering daily and 4-hour charts....

Read More >
Copper Elliott Wave Technical Analysis: Market Trends, Trading Strategy & Investment Insights

Copper Elliott Wave Technical Analysis: Market Trends, Trading Strategy & Investment Insights

Copper Elliott Wave analysis, covering price predictions for 2025, market trends, and trading strate...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on