XLY Consumer Discretionary Daily Chart H&S

XLY consumer discretionary daily chart showing the peak and negative divergence spank down in February. H&S with blue lines targets 37 level and price almost got there but not quite. A back kiss is currently in progress after the neckline was broken at 38.4. If 37 is lost, a larger H&S with the red lines is in play (right shoulder now forming) that targets 34.

Pattern of lower lows and lower highs, a downward channel, is in place. 20 MA should cross down thru the 50 MA which is bearish. Confluence at 38.4-ish with the H&S neckline, horizontal support, the 20 MA and the 50 MA all together. This should place a firm ceiling on any potential upward move. Lots of gaps to fill underneath. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.