View: XLF weekly sc.png
XLF weekly sc.png
Weekly XLF non-log chart: Is XLF set up for a fall? Always a dangerous call in this market. But the set up seems ready. There has now been a 62% correction of the last major drop in a well defined A,B,C channel. IF my EWT count is correct it is back to the precious 4th wave which is reportedly common. I have noticed most major drops on weekly charts occur with a turn turn in the RSI when it is already <70 has happened the last two times. Also we have bearish divergences in multiple indicators. Waiting for previous recent low and trend-line to be taken out. I would not be surprised to see it soon. Take care. Tom
Either you are channeling Prechter (Gollum) or you have automistake enabled !
According to EW theory, a 4th wave should correct to the level of the previous 4th wave of one lesser degree. Unless, of course, the wave morphs into something else.