XLF, daily, 9mth
Summary
Underlying MACD (blue bar histogram) is now positive cycle, and there is no question that the trend is still upward.
From a count perspective, this is very possibly the fifth minor wave higher, as part of a larger up wave that began at the post election lows of Nov' 2012.
The big picture issue will be, when the market does rollover, just how big of a retracement will the financials...and the broader market have?
The 200 day MA on XLF is currently $15.60...that will likely be VERY strong support. By late March/early April..we're probably looking at $16....which would equate to sp'1425/00.
