SPDR Select Sector Fund – Energy Select Sector ETF (XLE) Daily Chart Analysis

XLE Elliott Wave Technical Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse Wave

Position: Wave i of (iii)

Direction: Uptrend

Invalidation Level: $84.03

Details:

• The ongoing bullish wave (iii) appears to be in its initial development phase.
• Wave i of (iii) seems near completion, indicating an upcoming corrective wave ii.
• This wave ii retracement could present a strategic buying opportunity before the anticipated strong rally in wave iii of (iii).
• The prevailing long-term trend remains firmly bullish, making XLE a prime candidate on technical watchlists.

SPDR Select Sector Fund – Energy Select Sector ETF (XLE) 4-Hour Chart Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave [4] of i

Direction: Uptrend

Invalidation Level: $89.28

Key Resistance: $94.29

Target Price (Wave [5]): $96.00

Key Support (Fib Level): ~$90.00

Details:

• Wave [4] is evolving as an expanded flat, likely retracing approximately 38.2% of wave [3].
• Upon completion of wave [4], the final leg—wave [5] of i—is projected to move prices higher, with an expected target near $96.00.
• This short-term corrective phase could offer a strong entry setup for swing traders.
• A confirmed break above $94.29 would validate upward momentum and initiate wave [5].

Technical Analyst: Siinom

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

See Previous: VanEck Gold Miners ETF – GDX 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

Conclusion

• The current correction in wave [4] is unfolding and may find support around the 38.2% Fibonacci retracement level.
• After this correction, wave [5] is anticipated to continue the upward trajectory, targeting the $96.00 mark.
• Traders following Elliott Wave analysis should monitor invalidation levels and prepare for a potential bullish breakout.