Courtesy of Chris Kimble.
When high quality bull markets take place, banks are historically on board and along for the ride.
Below looks at the Power of the Pattern on banks in Europe and Italy.
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European and Italian bank ETF’s (EUFN) & (EWI) remain in uniform falling channels.
Did both create triple bottoms at (1)? Possible!
The risk on trade in Europe and Italy are testing uniform falling channel resistance at (2). The first step to proving if a triple bottom is in place, is what happens at (2).
For the stock Risk On trade in the states and around the world, to keep moving higher, investors want/need to see these ETF’s breakout at (2).
If EUFN and EWI would turn sharply lower at (2), odds are high, the S&P 500 struggles with the 2,150 zone.
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