Is it possible that the XLF has topped? Like the transports, the XLF's price action thus far has resulted in Wave Y developing a few Fibonacci relationships to Wave W green and Wave (a) blue.
The main difference with the XLF and the transports as well as the other indices is that it broke below it's lower trendline. By the close, price appeared to be attempting to backtest the lower trendline.
The second chart posted here shows a close up look at price with candlesticks. So far price retraced 61.8% after the break below the lower trendline. It then bounced once again and began to head lower.
Is it possible this may be the beginning of a new impulse lower? Could this structure be counted as a 1-2 of the beginning of P3?
This is an interesting chart. Will the financials lead once again?
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