ITA trade ideas
ITA - finished 4th starting 5th wave? Another frustrating chart in that I can't tell if it has finished a 4th wave correction in May and has now embarked on it's wave 5 or has this wave 4 correction got a few more ups and downs to go. In the spirit of EW alternation the 2nd wave correction in 2016 was a shallow one so perhaps a deeper wave 4 could be expected now. Doesn't always follow though and with the strength of US equities these last few years then a shallow correction is just as possible. Still, on a optimistic note I still reckon looking at these charts from a EW framework it would still suggest that this bull market has legs.
Long After the Ides of MarchJust one sector, but they all look the same basically. Breakout from an ascending triangle going up up and away into a crash next year.
ITA Possible Trump x NK TradeWith the mess in NK still creating market tension. This could be a possible trade on ITA that could play out due to the speculation of war.
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Feel free to comment if you have any input or a subsequent chart contrasting my analysis.
Thnx.
$ITA - 149.9 maybe start new trend from here, support 146Defense Sector ETF - 149.9 maybe start new trend from here, support 146
