AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
2
1 month ago, i warned that if price failed to regain above ~88.70 it might mean a potential wave 5. And indeed it happened with a gap down passing by the bear flag and previous support of 82. 05 .
My short entry triggered at 88.06 and i exited fully at 75.45.
Once that little black gap is filled, i humbly tell myself that the OPEC created wave 5 is completed, plus the bullish divergence in MACD & RSI .
Two days before the black gap, there is a BULLISH ENGULFING candlestick pattern on 28th & 31st Dec 2012 with massive volume . And this ~71.34 level also have 2 confluence supporting lines extended previously.
Any price between 70-75 is a good average buy for me :-)

Projection/Speculation for the next few months is formation of inverted H&S to fill that wave 4-5 GAP

Apologize for complicating lines