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Consumer Staples Select Sector ($XLP) Found Buyers at the Blue Box Area as Expected.

Elliott Wave Forecast - Mon Mar 4, 4:15PM CST

Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of Consumer Staples Select Sector (XLP) . The rally from 2.14.2024 low at $72.36 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:

$XLP 1H Elliott Wave Chart 3.01.2024:

$XLP

Here is the 1H Elliott Wave count from 3.01.2024. We expected the pullback to find buyers at the blue box area at 74.00 – 73.43 in 3 swings.

$XLP 1H Elliott Wave Chart 3.03.2024:

$XLP

Here is the 1H update few days later from 3.03.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box area after 3 swings allowing longs to get a risk free position. The ETF is expected to remain supported towards $76 – 78 before another pullback can happen.

Source: https://elliottwave-forecast.com/stock-market/consumer-staples-select-sector-xlp-found-buyers-blue-box-area-expected/


On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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