I have a few questions. XLF is currently trading at 7.63 and making even new lows daily.. In looking at the XLF chart, it's very difficult to comprehend if Financial is in a Wave B UP formation as many Technical Analysis guys point that the other major indices are currently in( DOW, NAS, S&P). XLF breached it Nov 20 lows several weeks ago and has continued falling. It's 20-30% lower than the Nov. 20 lows. It is impossible according to the Elliott Wave Theory, for XLF to be in a Wave B Up formation of ABC correction, since this current down wave has surpassed the previous lows by such an significant amount. So, My questions are.. Is XLF currently in Wave A down or Wave C down of the ABC Correction? If the DOW breaches the Nov 20 lows and creates a new low, Does this means that this is still Wave A Down and Wave B Up hasn't started or is this currently Wave C down ( final wave of the ABC correction)? Happy Trading!