Elliottwave-Forecast

XLY Elliott Wave View: Trading At Equal Legs Extreme

AMEX:XLY   SELECT SECTOR SPDR TRUST SBI CONSUMER DISCRETIONARY
XLY ended the cycle from 08/02 low (109.99) at the peak of 09/20 at 118.23 in blue wave (3).

Below from there, the ETF has been correcting that cycle in the sequences of 3-7 or 11 swings.

From 09/20 peak XLY has reached the equal legs area towards 115.55-114.95. The internals of that pullback has been unfolding as an Elliott Wave A-B-C correction. The first leg lower ended red wave A at 09/24 low (115.72). Above from there, it ended red wave B pullback at 10/01 peak (118.14).

The internals of that pullback unfolded as an Elliott Wave Double correction which ended black wave ((w)) at 09/26 peak (117.76), black wave ((x)) pullback at 09/26 low (116.65) and finally black wave ((y)) of red wave B at 10/01 peak (118.14). Below from there, it reached the mentioned equal legs area (blue box) and it should see soon a bounce higher.

Currently, it is trading at the equal legs extreme area (blue box) of red A-B and soon it should end blue wave (4). Afterwards, the ETF is expected to find buyers looking for new highs or for 3 wave bounce at least as long as pivot at 113.98 stays intact.
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