Are Bank Stocks About to Take a Dive?

2020年4月23日

Novice technician here, but this is what I am seeing. It seems pretty clear the market structure has changed toward the upside with the crack cocaine of ETF's, FAZ ,in a clear break out. After FAZ's break out in May, it has followed through in an overly extended correction, and has been going sideways for the last few weeks forming a symmetric triangle. Within an uptrend these patterns tend to yield a very strong break out to the upside. It appears FAZ is about to do just that, and commit the bank stocks to their inevitable decline. I think many of us see here see that bank stocks are on the verge of continuing their dramatic fall which is shaping up to make 2008-2009 like an appetizer. I have attempted to trace out the evolving Elliot Wave pattern, but like i said I am still pretty novice on it. Let me know if you see something else I may have missed.