The one chart I keep coming back to in this market correction is the weekly timeframe of the financial sector ETF, XLF.
You can see on the updated weekly below that if the multi-year symmetrical triangle breakout is going to hold true and continue on higher, then now is the time when buyers should arrive to support another leg up.
As we have been noting, two months is a long time for a bull market correction, at least in the ones we have seen since March 2009.
Should price fall back inside the trendlines, technically all is still not lost as throwbacks can often become sloppy. In fact, you might argue patient bulls are waiting for a test of that major support trendline down below $15.
However, it certainly opens up the distinct possibility that the triangle morphs into a larger, more grinding pattern without much trend to trade.
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