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.
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