XLF Elliott Wave technical analysis [Video]

SPDR Select Sector Fund ETF – XLF (1D) Elliott Wave technical analysis

Function: Major Trend.

Mode: Motive.

Structure: Impulse Wave.

Position: Wave [v] navy.

Direction: Uptrend.

Daily chart insights

• The fifth wave is currently active, with a minimum target of $54.07.

• We are in wave (iii) of [v], the most powerful phase of the impulse.

• This rally is expected to break above the wave [iii] high.

• Invalidation Level: $48.58 – breaching this level challenges the wave structure.

SPDR Select Sector Fund ETF – XLF (4H) Elliott Wave Technical Analysis – 4-Hour Chart

Function: Major Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave (iii) orange.

Direction: Uptrend.

Four-hour chart insights

• Wave (ii) ended at $48.58, reducing the probability of a complex correction – a bullish sign.

• The current move marks the early stages of wave (iii), a prime setup for buyers.

• Anytime now is a potential buying opportunity.

• Key confirmation level: $50.91 – ideal for conservative entries.

• Critical support: $49.50.

• Invalidation Level: $48.58 – must hold to maintain bullish outlook.

Conclusion

• The ongoing XLF rally aligns with a fifth wave impulse.

• The setup offers a strong long opportunity for ETF-focused traders.

• The rally is projected to exceed the previous wave [iii] high, aiming for a minimum of $54.07.

• Maintaining strict adherence to Elliott Wave principles and monitoring invalidation levels is essential to reduce risk.

Technical Analyst: Siinom.

SPDR Select Sector Fund ETF – XLF (1D) Elliott Wave technical analysis [Video]