Unfinished Business on the Upside for XLF

The pattern carved out since Tuesday’s recovery high at 11.35 argues that the Financial Select Sector SPDR (NYSE: XLF) has some unfinished business on the upside prior to the completion of the upleg from the March low at 5.88.  My optimal target zone is 11.80-12.20.  Only a decline that breaks 10.00 will compromise my current outlook.