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XLV Buying The Short-term Pullbacks At Blue Box Areas


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In this technical blog, we are going to take a look at the past performance of 1 hourElliott WaveCharts of XLV,which we presented to members atelliottwave-forecast.com.In which, the rally from December 2018 lows & October 2019 lows, showed the higher highs in an impulse sequence favored more strength to take place. Also, the right side tag pointed higher & favored more strength against $93.71 low seen on 11/05/2019. Therefore, we advised our members to buy the dips in ETF in 3, 7 or 11 swings at the blue box areas. We will explain the structure & forecast below:

XLV 1 Hour Elliott Wave Chart

XLV Buying The Short-term Pullbacks At Blue Box Areas

XLV 1 Hour Elliott Wave Chart From 12/03/2019 Pre-Market update, in which the 3 waves pullback to $93.71 low ended wave ((ii)). Up from there, the rally takes place in 5 waves impulse structure where wave (i) ended at $95.65 high. Wave (ii) pullback ended at $94.85 low, wave (iii) ended at $97.93 high, wave (iv) ended at $97.01 low and wave (v) ended at $100.04 high thus completed wave ((iii)). Down from there, wave ((iv)) pullback was expected to take place as a lesser degree double three structure where wave (w) ended at $98.73 low. Wave (x) bounce ended at $99.35 high and wave (y) was expected to reach $98.03-$97.21 short-term 100%-161.8% Fibonacci extension area of (w)-(x). Afterwards, the ETF was expected to resume the upside or do a 3 wave reaction higher at least.

XLV 1 Hour Elliott Wave Chart

XLV Buying The Short-term Pullbacks At Blue Box Areas

Heres 1 Hour Elliott Wave Chart of XLV from the 12/09/2019 Pre-Market update,in which the ETF managed to reach $98.03-$97.21 blue box area & reacted higher as expected.Allowed members to create a risk-free position shortly after taking the trade. Since then the ETF bounced strongly & managed to reach minimum extension area in wave ((v)) at $100.50-$101.28 i.e inverse 123.6%-161.8% of wave ((iv)). But, as far as dips remain above $98 low the ETF can extend higher towards $100.99-$102.28 areas as well before a pullback could take place. We dont recommend selling the ETF or chasing the strength at this stage.

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Elliottwave-Forecast.com  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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