Note the weekly volume reversal in XLF last week (see scandinavianmarkets.com/news/ to view this chart). This is interesting in light of the rotation narrative (value/growth). Previous weekly volume reversals occurred in 2001, 2007, and 2010…great time to prepare for a downturn. Also, 5 waves up from the 2009 low are visible in XLF. The channel is perfect and momentum guidelines ‘agree’ with the proposed count.