SPDR SELECT SECTOR FUND – Energy Select Sector ETF – XLET ELLIOTT WAVE TECHNICAL ANALYS [Video]
SPDR SECTOR FUND-ENERGY SELECT SECTOR ETF-XLE (one day) Elliott Wave Technical Analysis
Feature: The main trend.
Mode: Motive.
Structure: Pulse wave.
Position: Wave (5).
Direction: Upttrend.
Details:
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Laine (4) The decline has found its bottom and the flow upward movement denotes the early stages of the wave (5).
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This rally can mark either 1. Wave or [i] From point 5, which refers to long development.
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We assume that the rally conveniently exceeds $ 97.92.
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Although Wave (4) may develop into a more complex correction, following an Occam razor is a preferred approach.
The level of revocation: $ 74.49
SPDR SECTOR FUND-ENERGY SELECT SECTOR ETF-XLE (four-hour) Elliott Wave Technical Analysis
Feature: The main trend.
Mode: Motive.
Structure: Impulse.
Position: III wave.
Direction: Rally.
Details:
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Wave III has begun and is expected to expand with the formation of a potential leading diagonal.
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The level of 76.00 -dollarine is crucial to measuring any negative movement.
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Continuing wave [2] The correction should end at the highlighted fibonacci level.
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If the repair ends, the rally should be followed, which was confirmed by the $ 83.19.
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Optimal Entering Strategy: Wait for a setback before weighing long positions.
The level of revocation: $ 74.49
Conclusion
General Summary of Elliotti Wave Analysis:
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4. The wave is over and we are moving to the fifth wave, which should be impulsive and reach new heights.
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The $ 74.49 remains a critical point of the movement of each downward movement.
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After a small wave [2] A setback that does not establish a census is recommended for a long position.
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Monitoring Elliott's wave principles and revocation is crucial to avoid unnecessary trading losses.
SPDR SELECT SECTOR FUND – Energy Select Sector ETF – XLET ELLIOTT WAVE TECHNICAL ANALYS [Video]
