FFTY - a large corrective wave 4 down stopped in the green target box

FFTY is the Innovator IBD® 50 ETF that seeks to track the investment results of the IBD® 50 Index. That ETF is Investor’s Business Daily’s signature investing tool—targeting companies that are generating outstanding profit growth, big sales increases, wide profit margins and a high return on equity.

In my last update on 12 December 2018 I wrote:

“It rather looks like it is currently in a corrective wave iv up and once it gets completed it will drop to a new lower low targeting either 26.72 (200% extension) or 25.30 ( 223.6% extension ).”

FFTY - Daily chart updated on 12 December 2018

FFTY dropped to 25.39 on 24 December 2018! At this point we have a very completed expanded flat corrective structure. The large wave 4 down may be complete. That implies we may start a rally targeting the previous high in wave A of 5 up.

 

FFTY - Daily chart updated on 26 December 2018

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