Sector Watch: Financials - XLF, JPM, BRK.B, BAC, & More

In this webinar we looked at the Financial SPDRs (XLF) and many of the largest components. Many have similar potential to the broad market, for a "small" degree fade and then another swing up in their respective patterns off the Dec 2018 low. Depending on the chart, this small "four-five" can either be completing a (B) or (X) wave, or an extension of the prior Primary 3 or equivalent. XLF is able to count either way. In most instances the expectation upon completion of that final swing or on failure to hold support is a larger (A)(B)(C) correction unfolding.

In some charts if the move off Dec 2018 is counted as corrective the (B) or (X) wave is still noticeably divergent from many names in the market extending well to new highs. Even among those charts like XLF that are nominally higher than 2018 the patterns are clearly corrective. In the charts that count more clearly as extensions most of them are choppy muted diagonals that have struggled to exceed 2018 resistance levels.

https://www.elliottwavetrader.net/videos/202001237089.html

Supports for the various smaller degree fourth waves and targets for the fifths are discussed in detail in the webinar, some have more room to run in the final swing high than others.

Stocks covered:

JPM, BRK,B, BAC, MS, GS, C, WFC, AXP, & BLK

We also went over the Region Bank ETF KRE.

XLF - Primary Analysis - Jan-23 1626 PM (1 day)
XLF - Primary Analysis - Jan-23 1626 PM (1 day)
JPM - Primary Analysis - Jan-23 1628 PM (1 day)
JPM - Primary Analysis - Jan-23 1628 PM (1 day)
BRK.B - Big Macro Clean - Jan-23 1629 PM (1 day)
BRK.B - Big Macro Clean - Jan-23 1629 PM (1 day)
BAC - BIG Macro - Jan-23 1631 PM (1 day)
BAC - BIG Macro - Jan-23 1631 PM (1 day)
MS - Primary Analysis - Jan-23 1633 PM (1 day)
MS - Primary Analysis - Jan-23 1633 PM (1 day)
GS - BIG Macro - Jan-23 1633 PM (3 day)
GS - BIG Macro - Jan-23 1633 PM (3 day)
C - Primary Analysis - Jan-23 1634 PM (1 day)
C - Primary Analysis - Jan-23 1634 PM (1 day)
WFC - Primary Analysis - Jan-23 1635 PM (1 day)
WFC - Primary Analysis - Jan-23 1635 PM (1 day)
AXP - Primary Analysis - Jan-23 1636 PM (1 day)
AXP - Primary Analysis - Jan-23 1636 PM (1 day)
BLK - Primary Analysis - Jan-23 1638 PM (1 day)
BLK - Primary Analysis - Jan-23 1638 PM (1 day)
KRE - Primary Analysis - Jan-23 1638 PM (4 hour)
KRE - Primary Analysis - Jan-23 1638 PM (4 hour)
Zac Mannes is a senior analyst at ElliottWaveTrader.net and co-host of the site's Stock Waves service, which provides wave alerts and trade set-ups on individual stocks.