Similar pattern for XLK, a sideways triangle is in development as the largest intraday rallies typically occurs in short term downtrends like these.
Watch Earnings for a Breakout
Price Objective of $150 by Mid-October with SlingShot Trajectory
Looking at by September, my target is upwards of $2,000
Energy (XLE) led for a second week in a row as crude oil prices continue to rise and optimism for economic recovery to bring demand back to oil and gas as transportation, travel and leisure sectors bounce back. Technology (XLK) and Health (XLV) led for Thursday as Energy pulled back for a day. However, Energy bounced back up to the week's highs on...
Setting up nicely in consolidation for a upward run.
Energy (XLE) was back on top for the first week of February. The sector benefited from higher than expected demand in oil that also raise crude oil prices throughout the week. Technology (XLK) started the week in the lead, having a strong Monday. The Consumer Discretionary (XLY) took the lead on Tuesday. Financials (XLF) briefly moved to the top spot on...
Descending Triangle Breakout.
Unlike the S&P and NDX, XLK remains strong making new highs.Our +ve Delta Butterfly has moved ITM, look to hold the butterfly spread as long as the wave count still remains valid.
Communications (XLC) led the week with a big +5.44% gain, but only after a big pullback the week prior. The sector was led by Alphabet (GOOGL) and Facebook (FB) with +9.55% and +9.21% gains respectively. Those two companies make up 44% of the ETF. Netflix (NFLX) also had a huge gain of +13.49% but only represents 5% of the ETF. Technology (XLK) finished the week...
The sectors had a wild race this week with the backdrop of a up and down market with several rotations between small caps, mid caps and large caps. Energy (XLE) would ultimately be the winner, supported by production cuts in Saudi Arabia, higher than expected demand for oil, and some positive news from OPEC. There was a significant pullback on Friday after SEC...
Unlike the S&P and NDX, XLK failed to make new highs. This could be a sideways triangle in development. We are only using this count as a vehicle to reach 136 and then will assess at that point. Wave Count Invalidation at 125.3. Looking to establish a +ve Delta Butterfly, exact trade execution in Video Update.
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Energy (XLE) finds itself back at the top of the sector list for the first week of 2021. It's not something you might expect as the blue wave hit US politics, which doesn't bode well for traditional energy stocks. However, crude oil is over $50 a barrel for the first time since April after Saudi Arabia surprisingly cut output. The blue wave did have some expected...
XLK corrective (A), (B), (C) almost complete with a potential rebound into completing terminal wave (5). The hourly chart shows XLK has to stay above of 125 wave coin invalidation for this bullish wave count to remain valid. Exact trade execution details in video update.