AMEX:XLK TECHNOLOGY SELECT SECTOR SPDR FUND
Hi I follow you reasoning, but feel you might be too premature in your bearish view for this sector. The EW labels generated (I assume by Tradingview tool) is wrong and do not conform to EW rules & guidelines, so caution is in order. The wave "A" in red appear to have 7 - should be 8 swings, so it must be an "X" wave. Then to date the bounce appear to be to be potential rising wedge and hence a leading diagonal. On completion of which normal abc retracement could be expected without taking out the pivot low "A". The will revert to upside possible to retest the high or make new high in 5 wave up swing. If the AApl regain some of the ground then is possible new high could be very likely. Here is my chart showing the details.