Bank Index- About to fall 10%?

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by Kimble Charting

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The above chart looks at the Bank Index (BKX) over the past 11-years. At this time the “trend on banks remains Up!”

This very important index peaked in 2007 at (1), before breaking support and then falling hard for the next couple of years.

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The rally over the past 9-years saw the index come back to 2007 levels a few months ago, where it started turning lower, just under line (1), at (2).

Over the past 5-months, the Bank Index could be creating a bearish descending triangle, with the support of the pattern coming into play at (3).

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If support would happen to give way at (3), the “Measured Move” suggests that banks could fall at least 10%.

As mentioned earlier, the trend in the bank index at this time remains up. If support would break at (3), it would send a negative message to this important sector.

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