SPDR Energy ETF ( $XLE) Found Sellers at the Blue Box Area as Expected.

Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of SPDR Energy ETF ($XLE). The decline from 5.31.2024 high at $93.45 unfolded as 5 waves impulse. So, we expected the bounce to unfold in 3 swings and find sellers again. We will explain the structure & forecast below:

5 Wave Impulse Structure + ABC correction

$XLE 1H Elliott Wave Chart 6.06.2024:

Here is the 1H Elliott Wave count from 6.06.2024. We expected the bounce to find sellers at the blue box area at 90.67 – 91.56 in 3 swings.

$XLE 1H Elliott Wave Chart 6.09.2024:

Here is the latest 1H update from 6.09.2024 showing the reaction taking place as expected. The ETF has reacted lower from the blue box area allowing shorts to get risk free. The ETF is expected to continue lower towards $87 – 83 area. Alternatively, the bounce can become a double three correction (WXY) and reach 92 - 93 area before lower.