XLU(Utility ETF) is still holding above its support line. It has managed to bounce on both occasions,but notice how bounce (2) was less spectacular than bounce (1) ! I wonder if XLU were to bounce at these levels, bounce (3) would be logically shorter than bounce (2) and by the same token reach the resistance line of the rising wedge ! In my view, XLU could bounce again, but that will likely be the last one before the rising wedge is broken for good !
