XLF follow up

Here's the first break.

This is the bear trap part, typically we see an upside move breaking out of the triangle to the upside which knocks the shorts out and brings the longs in, then it heads back down and knocks the longs out. This is what happens when there's no liquidity in the market and the HFT firms need to make the most of every pattern that they know traders will respond to. Ultimately the pattern (bearish wedge) should be the final outcome. The MERS issue decided yesterday is a big blow to financials.