SPDR Consumer Staples ETF ($XLP) Reacting Higher from Extreme Area.

Hello everyone. In today’s article, we will look at the past performance of the 4H Hour Elliott Wave chart of SPDR Consumer Staples ETF ($XLP). The rally from 10.06.2023 low at $65.16 unfolded as 5 waves. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

$XLP 4H Elliott Wave Chart 12.20.2023:

Here is the 4H Elliott Wave count from 12.20.2023. We expected the pullback to find buyers at red 4 in a 3 swing structure (ABC) at 69.97 - 68.90.

$XLP 4H Elliott Wave Chart 12.24.2023:

Here is the latest 4H update showing the bounce taking place as expected. The ETF reacted higher after reaching the extreme area allowing longs to get a risk free position. We expect the ETF to continue higher towards $73.19 – 74.15 before a pullback can happen.

Source: https://elliottwave-forecast.com/stock-market/spdr-consumer-staples-etf-xlp-reacting-higher-extreme-area/