$XLE May Pull Back Soon

After hitting my last target noted here, I think $XLE may be ready for a correction soon, taking us as low as the orange box below in at least three waves.

XLE

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$XLE Bullish Consolidation Breakout and Target

The little green bull flag’s measured move on $XLE is noted by the orange box above us:

XLE

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The Big Bull Count for $XLE and Target

Commodities have been in a very long bear market, and those don’t last forever. If negative oil wasn’t a sign of a generational low, then I don’t know what else could be.

As with $OIL, $XLE has broken a multi-year down trend and seems to have tested it with support. This is a very bullish count (orange 1-2, green 1-2) but if it were a 1-2-3-4, then we would only expect nominal new highs followed by a relapse under the trend line.

That would be quite the fakeout, to break trend like that only to give it right back up (to the delight every deflationist out there) but I prefer trying to listen to it here. We may very well be entering a commodities bull market here, and it’s something that could last for many years. And it would start with a 1-2-1-2 pump breaking trend.

Here is the target for minor 3:

XLE


Note: When my work is first published on this website, it is made available to patrons who support my work through my Patreon account. Over time (usually after a period of a few months), I make the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page.