XLK - Chart Link- here is the updated Daily action on XLK 

XLK - Chart Link- a few triggers on the XLK 60 minute 

In Thursday Newsletter I mentioned the doji candle that appeared at the upper Bollinger Band.  Doji candles are hesitation candles and when found near extended moves up/down have us on watch for potential reversal candles (at least Reversion to Mean) then we need a valid trigger to enter (stop would immediately be placed at the prior high in this case after entry and then lowered over time). 

Once I see on the Daily chart, I like to shift down to the hourly/30 minute chart for additional clues (supporting evidence) and possibly an early valid trigger.  

On the XLK, I see a symmetry break the transpired on the prior pullback (172.83-169.78) suggesting to be on the lookout for a lower high to be formed (171.71).  The lower high formed with a doji candle of its own on the 60 minute chart which allowed for an earlier higher price trigger short breaking below that low which was then confirmed by both a trendine break on the 60 minute as well as the daily candle break to the downside.  

For those asking about a potential target?  

1.) A equal move to the first decline then the following extensions 1.23 1.38 1.618  1.764 2x 2.38 etc

2.) After 5 waves up (not depicted on this chart) look for a normal 50-.618% retrace as a target even under a bullish view.   

3.) Determine valid Demand zones underneath where price is likely to attempt to bounce.  

I hope this serves as a valid educational piece - this can be applied to whatever security you may be trading if you see a similar setup. 

Copy and Paste these images and text and save into your Education Folder.