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Short

XLP Counter Trend Rally Counts as Complete

AMEX:XLP   SELECT SECTOR SPDR TRUST AMEX CONSUMER STAPLES INDEX
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This is an update to the XLP post of four days ago 1/17/17.
XLP has reached the lower area of the resistance target zone.
Wave "C" has moved above the termination point of wave "A" and has a clear five wave sub division.

There is a high probability this ETF will begin a new decline on 1/23/17.
This ETF is lagging the broader stock market by a wide margin.
If XLP goes into a new decline the broader market will probably follow.

Mark
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