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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

 

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