The Financial Select Sector SPDR (AMEX: XLF) has spent the last 4 weeks carving out a coil formation atop its Mar-May upleg, which translates into a bullish continuation pattern, which when complete should trigger upside acceleration towards the next optimal target zone of 13.20/40. As long as the prior pivot low within the coil – at yesterday’s low of 11.88 – remains intact, I want to be long the XLF in anticipation of the upside breakout.
The Mid-Day Minute
Bullish Formation for XLF
Fri, Jun 5 2009, 06:13 GMT
by
Mike Paulenoff
- MPTrader.com
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