XLF very bearish

Hi traders

XLF looks very bearish. Look at the daily candle from yesterday! No wicks. Bears are in a full control. Not expecting any short-term reversal on XLF yet.
Lower highs shows an on-going bearish distribution. Once we get a mark-down phase, XLF can drop even 10 % from the current levels.
Downtrending RSI confirms our bearish bias.

The target for shorts / entry for longs area is shown on the chart.

Good luck

Komentarz:

so far so good