As well as this later, on January 20?Bro, can you spare a dime?
Doesn't look too good for what Citi was probably hoping would be a "merger Monday" type of reaction to their news today (okay, not a real merger, but they were hoping for a positive news story on a deal they were starting to announce last night). **Update - actually you can easily get more news about Citigroup and what's going on with them, if you scroll the right side of this page to the news feeds and click "banking industry" - for example there's an article now about Citigroup possibly to be broken up (click on a headline to read the article):
Since then, of course, the banking index has proven that, despite reaching that significant Fibonacci point for the entire sector, it's also had to work out an Elliott Wave count that I measure as a continuing C-wave down, and which I've been discussing since then (and today, it looks like it IS working on another new low for that wave - MAYBE that will "finish" the low finally....!?!).Citigroup (C) - my "canary in the coal mine" of the banking sector - sank today (no surprise as I've been saying, and it's marked on my chart, it "broke" weeks ago failing a key Fibonacci test). Whether or not it survives (not my place to offer any hope there!), bank stocks can still turn on a dime provided by that same Fibonacci. This good news comes right out of the charts, where the banking index (BKX) met the level ~26 I've been showing here as the fifth wave target in an Elliott Wave ending diagonal structure. The wave structure fits, the Fibonacci-based extension ratio fits, and other technical indicators may provide support (as discussed below, under the charts). Maybe the timing also fits, with a new administration that might spark some new hope for the banks.
And, here's Citigroup, down today - along with Goldman Sachs, by the way, and you know I'm not surprised based on my post yesterday about GS - yes, Citigroup is today finally and officially under $1.00 right now!
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