The Monthly chart for the Banking Index shows a possible 5 waves up. We had a consolidation wave 4 followed by a breakout into 1.618 fib resistance high to complete wave 5. Comfirmation for a new wave is evident: UTL break and a lower high. Next downside tgt is the key LIS at the 97-98 level. 
The weekly chart shows a lower high for wave 2, and possibley the beginning of wave extension in wave 3. If that is the case, it could get pretty ugly.
The daily chart shows the move down is an impulse move, and it is gathering momentum. We are currently trading below all key moving averages. Look for consolidation or retracement before the next move down.
Saturday, August 04, 2007
$BKX Analysis for 08.04.2007
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