SPDR Industrial ETF Found Buyers At The Blue Box Area

Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of SPDR Industrial ETF (XLI)  , published in members area of the website. As many of our members are aware, the ETF has given us good buying opportunities recently.  XLI hit our buying zone and completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave pattern and our trading setup.XLI H4 Update 08.04.2024The ETF is giving us correction that is unfolding as 3 waves pattern , labeled as (A)(B)(C) blue. The pullback has already reached the extreme zone (Blue Box) . However we expect to see more short term weakness in near term. At this stage, we advise against selling the ETF and favor the long side from the H4 Blue Box area. XLI could either see a rally to new highs or a larger corrective bounce in at least three waves. XLI H4 Update 09.01.2024XLI responded exactly as anticipated at the Blue Box Area, attracting buyers and initiating a substantial rally from our recommended buying zone. We got break toward new highs confirming next leg up is already in progress.For the latest updates, refer to the most recent charts available in our membership area.  We focus on trading instruments with incomplete bullish or bearish swing sequences.  Elliott Wave ForecastThank you for exploring our XLI Trading Setup. While we analyze 78 different instruments, it’s important to understand that not every chart is a trading recommendation. Therefore, for our official trading recommendations, we invite you to join us in our Live Trading Room. There, we provide actionable insights in real-time. If you’re not yet a member, you can take advantage of our 14-Day Trial to discover new trading opportunities.Over time, we have refined a reputable trading strategy that accurately defines entry points, stop losses, and take profit levels. Consequently, by joining us, you will have the opportunity to learn from market experts and improve your trading skills.More By This Author:CrowdStrike Is Not Ready To Resume That Rally; Bull Trap Ahead Elliott Wave Analysis On Apple 5 Waves Rally Favors Bullish Side Elliott Wave Intraday On Nvidia Looking For Pullback