By: Scott Redler of T3Live
The bearish pattern is complete on the industrials and homebuilders. That was fast!
If you take a look at these two charts- we showed you the Technical Bearish Pattern in the Industrials and the Homebuilders. They helped to give clues that SPY pattern could Trigger
XLI- just met the measure the move of 31-32. If you are short them, this is a spot to cover shorts and perhaps be prepared for a bounce. It’s $31.64 right now.
XHB- The Measured move of this chart is in the zone to complete this pattern. If you are short again this is a good spot to cover, if you are looking for an oversold bounce, we can be there soon. The chart put the measured move at $14.50-15.50. It’s $14.90 now.
Make sure to look at these to charts I send on August 2- and see where they are today.
