In this technical blog, we are going to take a look at the past performance of 1 hour Elliott Wave Charts of XLV. In which, the rally from 30 October 2020 lows, showed the higher high sequence in an impulse structure favored more strength to take place. Also, the right side tag pointed higher & favored more strength. Therefore, we advised our members to buy the dips in XLV in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
XLV 1 Hour Elliott Wave Chart
![XLV Ended Elliott Wave Zigzag Correction & Bouncing](https://elliottwave-forecast.com/wp-content/uploads/2020/12/XLV-1H20201120124613-1024x512.jpg)
Above is the 1 hour Elliott wave chart of XLV from the 11/20/2020 Midday update. In which, the rally from 10/30/2020 low unfolded as an impulse sequence & ended wave (1) at $114.50 high. Down from there, the ETF made a 3 swings pullback to correct that cycle in wave (2). The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $110.07 low. Wave B bounce ended at $113.86 high as a lesser degree flat structure. Below from there, wave C unfolded as another 5 wave structure & managed to reach the 100$-161.8% Fibonacci extension area of A-B at $109.36-$106.56 blue box area. From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least.
XLV 1 Hour Elliott Wave Chart
![XLV Ended Elliott Wave Zigzag Correction & Bouncing](https://elliottwave-forecast.com/wp-content/uploads/2020/12/XLV-1H-1024x525.png)
Here’s the Latest 1 hour Elliott wave chart of XLV from 12/09/2020 Post-Market update. Showing reaction higher taking place from the blue box area. Allowed longs to get into a risk-free position shortly after the long positions at $109.36-$106.56 blue box area. However, a break above the previous wave (1) high ($114.50) still needed to confirm the next extension higher & avoid double correction lower.
Source: https://elliottwave-forecast.com/stock-market/xlv-ended-elliott-wave-zigzag-correction/