I have a few questions.
XLF is currently trading at 7.63 and making even new lows daily..
In looking at the XLF chart, it's very difficult to comprehend if Financial is in a Wave B UP formation as many Technical Analysis guys point that the other major indices are currently in( DOW, NAS, S&P).
XLF breached it Nov 20 lows several weeks ago and has continued falling. It's 20-30% lower than the Nov. 20 lows.
It is impossible according to the Elliott Wave Theory, for XLF to be in a Wave B Up formation of ABC correction, since this current down wave has surpassed the previous lows by such an significant amount.
So, My questions are..
Is XLF currently in Wave A down or Wave C down of the ABC Correction?
If the DOW breaches the Nov 20 lows and creates a new low, Does this means that this is still Wave A Down and Wave B Up hasn't started or is this currently Wave C down ( final wave of the ABC correction)?
Happy Trading!
XLF is currently trading at 7.63 and making even new lows daily..
In looking at the XLF chart, it's very difficult to comprehend if Financial is in a Wave B UP formation as many Technical Analysis guys point that the other major indices are currently in( DOW, NAS, S&P).
XLF breached it Nov 20 lows several weeks ago and has continued falling. It's 20-30% lower than the Nov. 20 lows.
It is impossible according to the Elliott Wave Theory, for XLF to be in a Wave B Up formation of ABC correction, since this current down wave has surpassed the previous lows by such an significant amount.
So, My questions are..
Is XLF currently in Wave A down or Wave C down of the ABC Correction?
If the DOW breaches the Nov 20 lows and creates a new low, Does this means that this is still Wave A Down and Wave B Up hasn't started or is this currently Wave C down ( final wave of the ABC correction)?
Happy Trading!