The strong decline on UTIL and XLU is impulsive looking, so it supports an impulse wave. looking at the structure from the high made in Nov 2017 it would look much better if new lows were seen to end a 5th wave of an impulse wave and setup for a large rally thereafter, whilst I can force a truncated 5th wave, I am reluctant to force a wave count to suggest its completed when the current idea can suggest new lows for wave [v].

If a truncated 5th wave, then it should hold above 50.20 and continue higher, if the current rally is a 4th wave as shown, then a move back under 50.20 should see new lows for wave [v] to new lows, its then traders can turn more bullish and look to buy a potential 5th wave. Overall I suspect the Dow Utilities (UTIL) has ended the whole cycle from the 2009 lows and this current decline is the 1st leg of a large decline over the coming months. So the ETF of choice would be to buy SDP, although timing to get better entries is need to maximize gains.

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