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.
$ITA - 149.9 maybe start new trend from here, support 146Defense Sector ETF - 149.9 maybe start new trend from here, support 146
