XLE: Rising Wave PatternTechnical analysis chart of the Energy Select Sector SPDR Fund (XLE), with Elliott wave analysis overlaid. Let's break down the analysis based on the chart and labels:
Overall Analysis:
The chart suggests a bullish trend for XLE, based on the Elliott wave structure. It indicates that we have completed wave ((4)) of wave V and are now in the unfolding wave ((5)). Within wave ((5)), we have started wave (1), and are currently in wave (3) of (1).
Wave Counts and Labels:
V Red: This represents the fifth and final wave of a larger Elliott wave pattern.
((4)) Black: The fourth corrective wave within V.
((5)) Black: The fifth and final impulsive wave within V.
(1) Blue: The first impulsive wave within ((5)).
1 Red: The first wave within (1).
2 Red: The second corrective wave within (1).
3 Red: The third impulsive wave within (1) (currently unfolding).
Price Projection and Invalidation as per Waves:
Bullish Projection: The chart suggests a potential target of 105 for wave ((5)).
Invalidation Level: A break below 83.02 would invalidate the current bullish analysis.
Educational Notes:
Elliott wave theory is a technical analysis tool that identifies patterns in price movements based on a series of five waves.
Impulsive waves (1, 3, 5) move in the direction of the overall trend, while corrective waves (2, 4) move in the opposite direction.
Wave labels use brackets to indicate different levels of analysis. For example, ((5)) is a larger wave than (1).
Colors are often used to visually differentiate between different waves and patterns.
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RK💕
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Xlebuy
XLE - Energy sector SPDR S/R levelsHello traders,
Description of the analysis:
Everyone sees an opportunity in the oil market. Personally, I would not invest in this commodity. There is a surplus of oil, there is no place to store it and no one wants it. It can't stop mining. But investing in the entire XLE energy sector could be interesting. Here are the main S/R zones where the price could react. Everyone makes their own point of view.
About me:
Hi, my name is Jacob Kovarik and I´m trading on stock exchange since 2008. I started with a capital of 3000 USD. My first strategy was based on OTM options. (American stock index and their ETF ). I´ve learnt on my path that professional trading is based on two main fundaments which have to complement each other, to make a bussiness attitude profitable. I´ve tried a lot of techniques and many manners how to analyze the market. From basic technical analysis to fundamental analysis of single title. My analytics gradually changed into professional attitude. I work with logical advantages of stock exchange (return of value back to average, volume , expected volatility , advantage of high stop-loss, the breakdown of time in options, statistics and cosistent thorough control of risk). At the moment, my main target is ITM on SPM index. Biggest part of my current bussiness activity comes from e mini futures (NQ, ES). I´m trader of positions. I´m from Czech republic and I take care of a private fund (4 000 000 USD). During my career I´ve earned a lot of valuable experience, such as functionality of strategies and what is more important, control of emotions. Professional trading is, in my opinion, certain kind of mental training and if we are able to control our emotions, accomplishment will show up. I will share with you my analysis and trades on my profile. I wish to all of you successul trades.
Jacob