truetradero
Short

Utilities (XLU) are toppish, correction expected.

AMEX:XLU   SPDR SELECT SECTOR FUND - UTILITIES
The XLU             has recentlly reached it's high of early 2015 near $50 which seems to offer strong resistance. A double top seems to be in process. Elliott waves count of 5 waves is completed, a correction seems to have started towards the $46.70/$45.35 area, The wave III             should just have started, a fast drop is expected.

RSI (5) and MACD are showing beairhs divergence and the XLU-0.20% is trading far away from its 200 days SMA (at $44.30).

The bond market is also showing a similar exhaustion pattern.
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