Consumer Staples Diamond

I stumbled upon an extremely well-formed diamond pattern last night with the symbol XLP.

I stumbled upon an extremely well-formed diamond pattern last night with the symbol XLP, which is the consumer staples ETF. I’ve drawn it below:

The diamond

The measured move on this is approximately $41, about 20% below current price levels. Not too bad! I’ve drawn a green horizontal to show the target.

Target shown

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