XLF (financial sector ETF) offers an objective long entry on this breakout above the bullish falling wedge pattern & will be added as an Active Long Swing Trade around current levels.
The price targets for this trade are T1 at 19.84 & T2 at 21.06. The suggested stop is 17.95 with a suggested beta-adjusted position size of 1.0. This should be considered an aggressive, counter-trend trade so as always, pass if this type of trade does not mesh with your trading style, risk tolerance, and/or outlook for the financial sector or stock market at this time.
I’ve also listed some potential targets for FAS (3x long financial sector ETF) on the 30-minute chart above. UYG is the 2x leveraged financial sector ETF & for those looking to short this bounce into TL resistance, SKF is the 2x short & FAZ the -3x financial sector ETF. Obviously, I’m leaning towards the bullish scenarios (hence, only upside/long targets) as I think the R/R is skewed toward the long side in the financials but I’m glad to provide downside price targets for those interested in shorting or already short.