Financials Trade Set-Up (longer Term) XLF / SKF / FAZ

I've been waiting on a breakout/ head fake move to add to a FAZ long position (3x short Financials), however as the market has deteriorated at an ever increasing pace, it looks less and less likely that XLF will set-up the trade I've been waiting on for a few months. At this point, I think a bounce alone (not even the head fake move) will suffice to enter the rest of the FAZ long position (3x short Financials). SKF can also be used with a little less leverage, 2x short financials.

 The breakout from the February rally's subsequent range looked like that would be a decent area to short XLF and I have a partial position in FAZ long, however as this second range grew and a resistance sone became more clearly identifiable, I have been waiting for a confirmed head fake move above that area to add to the FAZ position, sadly I think there has been so much damage so quickly and much more intensely to the market that I doubt we get the head fake move. Even the last two bounces that we have called haven't been anything like previous bounces that easily held a short squeeze, these can't hold one beyond the open and as I suspected before the IWM bounce, it looks a lot more like a lower high and soon to be lower low of a downtrend, a corrective bounce rather than a head fake move.

In yellow / red arrows the hoped for head fake move...

The daily Money Stream has fallen out of bed not only at the first consolidation after the February rally, but above it where we expected a head fake move that has itself turned in to a large lateral consolidation. MS should have made a higher high vs. its March readings, it hasn't making this a larger distribution event.

 The 4 hour chart's trend has shown both ranges as distribution and this recent one much sharper.

I had held out on a positive divegrence at a gap/island area that had a positive divegrence, but as you can see that didn't lead to the head fake breakout and instead has turned to a leading negative divergence at the last pivot high.

 The 30 min chart shows the exact same

 As does the 15 min and so on and so forth, now leading negative. I doubt we get the head fake move so I'm looking simply for an upside correction to use to fill out the rest of the FAZ long position (3x short Financials).

 XLF isn't showing anything strong as far as even a corrective bounce, this 2 min chart's relative positive divegrence is about it, but after looking at the leveraged/inverse ETFs, there seems to be a little more hope.

For instance, FAS (3x long Financials) has a positive divergence that is leading on the 1 min chart as well as...

 The 2 min chart and

A relative divergence developing (migration of the divergence) on a 3 min chart. THIS DOES NOT SUGGEST A STRONG MOVE AT ALL, BUT ANY PRICE STRENGTH WOULD BE A BETTER ENTRY WITH LESS RISK.

If I'm considering the big picture alone, this area is fine for a FAZ/SKF long or XLF short position, but I'd rather get the best entry with the least risk if it looks possible and at this point it looks possible. This is along the lines of the "boise" I mentioned last Friday in the "week Ahead" post.

If you are interested, I'd set some XLF upside price alerts as will I, I'll confirm the charts if we fget a move, but again, I doubt there's the strength there needed to move to an actual head fake move which is another significant change in character of the overall market.