XLV Buying The Elliott Wave Dips Into The Direction Of Right Side Tags

XLV Buying The Elliott Wave Dips Into The Direction Of Right Side Tags

In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLV a health care ETF from the USA, which we presented to members at . In which, the rally from April 2019 lows, showed the higher high sequence in an impulse structure favored more upside to taking place. Also, the right side tag pointed higher against $86.79 low seen on 5/31/2019 low called for more upside. Therefore, we advised members not to sell ETF and buying the blue boxes at the extreme areas in 3, 7 or 11 swings pullback remained the preferred path. We will explain the structure & forecast below:

XLV 1 Hour Elliott Wave Chart

XLV 1 Hour Elliott Wave Chart from 6/23/2019 weekend update, in which the rally from $86.79 low unfolded as 5 waves impulse structure with right side tag is pointing higher. When the rally higher to $94.33 high ended wave ((i)) of 3. Down from there, the ETF was expected to make a wave ((ii)) pullback in 7 swings structure towards the blue box area at $92.24-$91.19 100%-161.8% Fibonacci extension area of small (w)-(x). Therefore, our strategy remained buying the Elliott Wave dip to $92.24-$91.19 blue box area looking for more upside extension or for 3 wave reaction higher at least.

XLV 1 Hour Elliott Wave Chart

Here’s XLV 1 Hour Elliott Wave Chart from 7/07/2019 Weekend update, in which the ETF managed to reach the blue box area at $92.24-$91.19 and provided buying opportunity to our members. And shortly after taking the trade the ETF bounced strongly & managed to make a new high above $94.33 peak confirming the next extension higher in wave ((iii)) of 3. Also, with this rally higher the ETF allowed our members to create a risk-free position in the trade. Now, as far as dips remain above $91.50 low the ETF should extend higher.

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Elliott Forecast
Elliott Forecast (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 52 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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