I feel the XLE has just about run out of steam.
There is substantial resistance at $70. A five wave harmonic pattern with three a-b-c corrective waves has just been completed.
This configuration has not yet rolled-over, but I think it will as the price approaches the 89 day moving average (golden-yellow line).
For those of you who think the USD will get stronger, it stands to reason that the energy sector will get weaker.
I hope this contribution has been helpful. May all of your trades go well. Don.
There is substantial resistance at $70. A five wave harmonic pattern with three a-b-c corrective waves has just been completed.
This configuration has not yet rolled-over, but I think it will as the price approaches the 89 day moving average (golden-yellow line).
For those of you who think the USD will get stronger, it stands to reason that the energy sector will get weaker.
I hope this contribution has been helpful. May all of your trades go well. Don.
