SPDR Energy ETF ( XLE) found buyers at the blue box area

In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of SPDR Energy  ETF (XLE)  , published in members area of the website. As many of our members know, the ETF has found buyers at the extreme zone recently.  XLE hit our target area and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave forecast.

XLE four-hour update 09.12.2024

The ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (W)(X)(Y) blue. The pullback has already reached the extreme zone (Blue Box). We are aware that turn higher can happen any moment. However, we still see possibility of another marginal push lower. At this stage, we advise against selling the ETF. We favor the long side from the H4 Blue Box area. XLE could either see a rally to new highs or a larger corrective bounce in at least three waves.

XLE four-hour update 09.12.2024

The ETF responded as expected. XLE  found buyers at the Blue Box Area. As a result, ETF made a substantial rally from our reversal zone. We got a decent bounce confirming cycle from the peak has ended. While above 83.01 low, we can consider pull back completed , looking for a further rally ideally.