Hello everyone! In today’s article, we will follow up on the past performance of the SPDR Utilities Select Sector ETF ($XLU) forecast. We will also review the latest weekly count. First, let’s take a look at how we analyzed it back in October 2023.
$XLU Weekly Elliott Wave View - October 2023:
In our last article, we explained that $XLU had reached the Blue Box area at $55.81 - $44.73. A bounce was anticipated at this level. This area was a critical support zone identified by our Elliott Wave analysis.
$XLU Weekly Elliott Wave View - May 28, 2024:
The latest weekly update confirms that $XLU has bounced as expected from the Blue Box area. As a result, the ETF has moved higher, allowing long positions to become risk-free. We expect $XLU to continue its rally towards the $74.00 – $79.00 range in a 5-wave pattern. This rally is favored to happen before another pullback occurs. Traders should look for re-entry opportunities at black ((2)) in 3 or 7 swings. Moreover, a break above the all-time highs (ATHs) will start a bullish sequence towards the $89 - $111 range.
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