On the last post on XLF I had mentionned the $15 level as a potential failure level ! I had labelled it (B) ! Here is the zoom on the old chart : here is also the link !
So now .. look at the current chart below and tell me if this looks like a failure at $15 ?
Update on FAZ (Triple short XLF) ! The last post suggested a pullback towards $19.5 (CLICK HERE) before trying to buy this "thing" again ! Use a protective stop at $18 .. and good luck !! Here is the updated chart : Maybe one last zig zag before the real rally !
XLF is trading at $14.59 as i'm typing this ! Here is an update on the last post on XLF . I am reposting the chart to show you how close we are to point "B" which turns out to be in the $15 area ! For the FAZ and SKF buyers .. I suggest you wait a little bit more before jumping in !
A little update on XLF ! On October 7th I had given two potential scenarios for the topping pattern in XLF ! It seems that the red scenario has finally succeeded (Click Here) ! I am adjusting my new chart to the old red secanrio to show you how XLF can continue its slide towards $11 in early 2010! To play the bounces use (FAS,UYG,or XLF) and to short the bounces use (FAZ,SKF,SEF) ! Happy trading !
