We reversed back up from our lows again today. This pattern has been occuring over and over again in the past few weeks. We are down in the early morning, and late in the day, we always rally back up and erase all the losses. Today's action was once again bullish.
On the shorter time frame, I am still looking for the last (c) wave up. I don't see 5 waves down from our current high, so it's best to say that this down move this morning was corrective.
I am expecting new highs tomorrow if this count is correct. If we come down, it needs to be in a clear 5 waves.
Not too long ago, I posted a chart on Google saying that we could potentially drop in a wave 3 soon.
We rertraced 61.8% for wave 2, and we were down a good amount today. It seems that Google has once again resumed it's down trend.
XLF seems to be at a very critical point right now.
It has broken out of it's range, but it has also found resistance at it's previous high from last fall. If we break to new highs, I expect it to go perhaps 16.50. If we break back into the range, watch for it to fall to it's rising trendline.
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