XLI found buyers at the equal legs area

In this technical blog we’re going to take a quick look at the Elliott Wave charts of XLI ETF, published in members area of the website. As our members know we have been favoring the long side in XLI.  Recently we got a pull back that has made a clear 3 waves pull back that found buyers right at the equal legs area.  In the further text we are going to explain the Elliott Wave forecast

XLI H1 post-market update 1.25.2023

XLI ended cycle from the 109.9 low as 5 waves structure. The ETF is currently giving us pull back against the 109.9 low.  Equal legs area is already reached at 112.38-111.54.  We are aware that pull back can complete any moment. For now, we see possibility of a short term bounce in (iv) and then another marginal push down in (v) of ((c)) to complete the structure.  We don’t recommend selling the ETF and expect further rally to resume from the buyers zone : 112.38-111.54.

XLI H1 post-market update 1.31.2023

XLI has given us nice rally from the marked extreme zone as expected. We count wave 2 red completed at 112.36 low. Rally made a break toward new highs confirming next leg up wave 3 is in progress. We expect to get 3 waves pull back, wave ((ii)) black that can give us approximately 50-61.8 fibs against the 112.36 low before further rally resumes.