Market sectors are "not in tune"; thus the market has difficulty to start the retracement wave 2 up.
Financial sector
XLF put in a 5 wave down and w of wxy completed already, leading the way higher;
same for XOP Oil and Gas Exploration
so does XME Metals and Mining and XLY consumers Discretionary
XME metals and mining is very heavy, so is XRT Retail sector.
All things considered, the market is trying hard to start a decent retracement, targeting the 50% to 61.8% of the drop since last Monday.
The time estimate is that the market needs 12 to 18 trading hours to complete wave 2.
Financial sector
XLF put in a 5 wave down and w of wxy completed already, leading the way higher;
Materials Sector XLB put in a 5 wave down and w of wxy completed already and so did Consumer Staples XLP and Utilities XLU.
same for XOP Oil and Gas Exploration
so does XME Metals and Mining and XLY consumers Discretionary
XME metals and mining is very heavy, so is XRT Retail sector.
All things considered, the market is trying hard to start a decent retracement, targeting the 50% to 61.8% of the drop since last Monday.
The time estimate is that the market needs 12 to 18 trading hours to complete wave 2.
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