UPDATE: YEP! >> (5/5: Retail SPDR ($XRT): Bear-Flagging?)
On May 5, we posted a chart pointing out a potential bear flag formation in the Retail SPDR ETF (XRT). The question of whether or not it was a bear flag was answered yesterday, in the affirmative.
Yesterday, $XRT dropped below the up trendline marking the lower bound of the flag pattern, losing nearly 2%. How much further will it fall? The pattern would suggest up to another 6%, which would bring it right to its February lows incidentally. Merely testing its April low would mean another $2 drop, or about 2.5%. Either way, put this one in the books as another “Yep”!
