April 16th, 2020: XLF and IWM 60-min Charts
Posted by pugsma on April 16, 2020
4:40 pm EST: Sometime charting other indices that are not performing as well is worth a look. Both the Financials (XLF) and Small Caps (IWM) have been lagging far behind the SP-500. In both cases, it looks like they are forming a potential bullish Leading Diagonal (LD is where wave 4 overlaps wave 1) that is just now completing their respective 4th waves of and 5-wave impulse higher. This would mean another big push up for both XLF and IWM to new recovery highs above 23.66 and 124.61, respectively. This would likewise the mean that SP500 is also in a minor 4 (triangle) and would push up well beyond the 2852 recovery high during the minor 5 wave.
XLF 60-min chart:
IWM 60-min chart:
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