The markings on the chart are based on the Elliott Wave theory.
The IT index has lagged in strength over the last 1+ year and now seem to enter the next wave C down. While the index made a new high, the internal moves are corrective and divergent on the RSI which makes it a better wave (B) candidate.
The next few weeks should be a sharp fall in the IT stocks as wave (c) tend to be quick and less time taking.
The IT index has lagged in strength over the last 1+ year and now seem to enter the next wave C down. While the index made a new high, the internal moves are corrective and divergent on the RSI which makes it a better wave (B) candidate.
The next few weeks should be a sharp fall in the IT stocks as wave (c) tend to be quick and less time taking.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.