"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 14 hours The Secretive Wall Street Firm Betting On Bitcoin
  • 15 hours ‘Data Is King’: The Oil Industry’s Next Most Valuable Resource
  • 16 hours Google Invests $300 Million To Combat Fake News
  • 17 hours Zuckerberg Dodges A Bullet As Facebook Loses Billions
  • 18 hours Tesla Tumbles As Investors Lose Patience
  • 19 hours Are Alt-Coins On The Verge Of A Break Out?
  • 21 hours What Should Gold Investors Expect From The New Fed Chair?
  • 22 hours Who Will Pay For Trump's $60 Billion China Tariffs?
  • 2 days Vladimir Putin’s Mysterious Fortune
  • 2 days Cryptos Resist Social Media Crackdown
  • 2 days The Death Of Dodd-Frank
  • 2 days Bitcoin Bounces Back Ahead Of G20 Meeting
  • 2 days Trump's Trade War Nears Boiling Point
  • 2 days Will April Be A Turning Point For Precious Metals?
  • 2 days Economic Pressures Weigh On Banks And Borrowers
  • 2 days U.S. Political Uncertainty Keeps Stock Markets On Edge
  • 3 days Gold: The Religion Of Currency
  • 4 days Economists Polarized On Trump’s Tariff Plan
  • 5 days Why Are Investors Overlooking Gold Stocks?
  • 5 days The App That Democratized Trading Is Now Worth $5B
Why Aren’t Millennials Investing?

Why Aren’t Millennials Investing?

After watching previous generations take…

Markets Slide Sideways As Trade War Fears Linger

Markets Slide Sideways As Trade War Fears Linger

Despite technology stocks hitting new…

FAZ: Long Setup Watch List

Reason: XLF is displaying a potential Double Top

From the April 11 low XLF, as well as the majority of US Indices & Sectors, has unfolded a corrective Elliott Wave pattern, which can be counted as a Double Zig Zag.

Even though SPX and NDX probably have not concluded yet their corrective patterns (Though the top should be close to current levels) XLF is displaying a potential Double Top with negative divergence of the daily RSI.

If the Double Top is confirmed, in which case the current bounce MUST establish a lower high; the target is located at 21.95.

XLF Daily Chart
Larger Image

FAZ does not have a Double Bottom but on Tuesday when it established a lower low it printed a Hammer at the same time the MACD has a bearish failure (Maintaining the bullish cross) and it is displaying a positive divergence hence odds favour that a potential Double Zig Zag from the April 11 high has been concluded.

If this is the case the target located in the range 19.33 - 19.74 should be viable.

FAZ Daily Chart
Larger Image


Back to homepage

Leave a comment

Leave a comment

Sign Up For The Safehaven Newsletter