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XLE – SPDR Energy Select Sector ETF | Elliott Wave Analysis

Daily Chart Overview (1D)

• Function: Major Trend
• Mode: Motive
• Structure: Impulse Wave
• Current Position: Wave i of (iii)
• Direction: Uptrend
• Invalidation Level: $84.03

Details:

• The rally in wave (iii) is in its early stages, with wave i nearing completion.
• A pullback in wave ii is expected next, offering a solid buying opportunity.
• The strongest move, wave iii of (iii), is still ahead, making XLE a high-priority ETF to monitor.

4-Hour Chart Overview (4H)

• Function: Major Trend
• Mode: Motive
• Structure: Impulse
• Current Position: Wave [5] of i
• Direction: Uptrend

• Invalidation Level: $91.97

Details:

• The fifth wave is active and pushing toward the completion of wave i in the larger bullish cycle.
• This phase presents a short-term entry point for intraday traders.
• The $94.29 high is expected to be broken by the ongoing wave [5] advance.

Conclusion

• The wave i rally is close to finishing, and the next retracement (wave ii) may create a prime long entry.
• The $96.00 level is seen as the likely cap for the wave i advance.
• ETF traders should watch closely, as this presents an attractive long setup.
• Traders must remain cautious by respecting Elliott Wave rules and monitoring key invalidation points to avoid potential losses.

Technical Analyst: Siinom

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