The Harmonic Case For Regional Banks in 2014

The regional banking ETF, $KRE, had quite a run through 2013. The monthly chart below shows a 46% rise from November 2012 until the present. But the bigger picture suggests it is warming up for yet another move higher in 2014. The Harmonic Bat has been in play since the beginning of 2013 and has a Potential Reversal Zone (PRZ) at about 47. The Bat could also morph into a Crab and extend further to 74. But that is really getting ahead of ourselves. It also suggests

kre

that a 3 Drives pattern could conclude with another thrust higher to about the same area. Look at that as the equivalent of a Measured Move higher from the last move started out of consolidation at 26 to the 38 area repeated out of the current consolidation around 35. Two different measures to the same target is something that starts to excite me. How about you?

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