The Industrial Select Sector SPDR Fund
The 4 hour Chart Progression is Incomplete
From the December 2018 low we observe 7 swings in the chart. In our system of analysis we suspect XLI to be impulsive to the upside. Consequently this observation dictates that to be impulsive the ETF must complete a derivative of a 5 swing move from 59.92. So far we have 7 swings, which is a derivative of a corrective 3 wave sequence. Corrections unfold in swings of 3,7,11,15, etc. Impulses unfold in derivatives of a 5 swing sequence. Hence the count from 59.92 in XLI should have a clear 5, 9, 13 and so on, number of waves. Since we only have 7, the cycle from the low is incomplete, thus calling for new highs.