Retail in Corrective Wave, Looking For Support at $38 $XRT

Retail ($XRT) Weekly: After breaking below a long term trendline support back in late 2016, Retail ETF $XRT has been in a ABC corrective Elliot Wave pattern. We see that in the very near term, it will look for support in the $38 area, which was the low and end of wave (A) as shown in the weekly chart below, moved up to the 0.786 fib level before starting it’s final wave (C) downward, which we’re currently in. It may get support at $38 but if that fails to hold, it’s projected to go down to around the $35 level and completing this corrective wave. Now, this may turn out to be more than a corrective wave and turn in to a longer term motive/impulse wave, but it’s too early in the cycle to see at this point which way that’s bound to go, whether to the upside or to the downside. Technicals show a bit more room left to the downside at current conditions.