Telecom Basing for eventually breakout to retest All Time Highs in 2024
Hello Traders, Today we will have a look at the VOX ETF in the 1-hour chart. Near-term the ETF ended the cycle from 06/28/18 low (84.09) in blue wave (1) at the peak of 07/12/18 (88.26). The internals of blue wave (1) unfolded in a 5 waves Elliott Wave impulse with an extended red wave 3, where it ended red wave 1 at the peak of 06/28/18 (85.43) and red wave 2...
This decision began with a look at the broader market on the Daily time frame. SPX was clearly up (retail levels) so I knew to begin looking for a selling opportunity. I then browsed through the sectors, noting that Telecoms were the largest % gainers (in line with the SPX direction). I looked up and left to find where price began it's last powerful descent, then...
Late post but I took this one in my IRA through Vanguard last week. VOX is an ETF for telecom services (commission free since it's a Vanguard Fund!).
Buy at support and sell at resistance within the bearish channel. Aug 2017 - looks like VOX might start an upward trend as it broke out of the bearish trend line. Take profits along the way and place SL at support level.
Potential double top Confirmation if price goes below 94 Target 87