Hi PB,
Here's a chart of KBE - ETF for the Banking Sector. The Banks are one of my bell wether sectors on the American market. It is showing the sort of action you are talking about - a developing head and shoulders (inverse) pattern. Of course, it's not a hs until it completes - but it should be watched. If it completes it goes back up to the neckline of the old hs pattern that started the current big decline.
Good luck
Redb
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