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.
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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