Note the weekly volume reversal in XLF last week (see scandinavianmarkets.com/news/ to view this chart). This is interesting in light of the rotation narrative (value/growth). Previous weekly volume reversals occurred in 2001, 2007, and 2010…great time to prepare for a downturn. Also, 5 waves up from the 2009 low are visible in XLF. The channel is perfect and momentum guidelines ‘agree’ with the proposed count.
Director of Technical Research at Krilogy, author Sentiment in the Forex Market
Twitter: twitter.com/jamiesaettele
Website: www.krilogy.com/
Twitter: twitter.com/jamiesaettele
Website: www.krilogy.com/