XLB materials broke 78, the 2021 support; 70 or 57 may be next

AMEX:XLB   Materials Select Sector SPDR
The worst may not be over. A 8% inflation is very hard to fight even with monetary & fiscal policy because the FED could only control the demand side & not the supply side of inflation . With the FED making it very clear that it wont stop until inflation comes down, we may be seeing aggressive rate hikes leading to layoffs & demand destruction in the near future & in turn causing a decline in manufacturing & materials.

XLB just lost the 78 (Fib 0.236) impt support since 2021. The next stop to watch very carefully is the Fib 0.383 pivot zone @70. This may come sometime in late August or early September 2022.
Make-or-break zone: if 70 fails, then 64 (Fib 0.50) will offer not much support till 57 which is the pre-pandemic zone. This scenario will end the ABC correction sometime in November or in the last Quarter of 2022.
Not trading advice.