Dashbridge
Short

XLE, Leading Diagonal Triangle Elliot Wave

BATS:XLE   ENERGY SELECT SECTOR SPDR FUND
249 0 0
The bears are waltzing on this one.
I've made 8 charts using tradingview exploring the bearish indicators and chart patterns on XLE             . Since I do not know a clean way of publishing them without cluttering the XLE             search I just quickly made a blog and wrapped them up in a post here.

http://dashbridge.blogspot.com/2014/01/xle-bearish-analysis.html

Among some of the other patterns provided by other TradingView users, I believe I also see a leading diagonal triangle Elliot Wave . I am not highly familiar with Elliot Wave theory and would appreciate any additional comments pointing out the possibilities of these waves.

This diagonal triangle is the very rare 5-3-5-3-5 pattern. Meaning all upward waves contain 5 waves within themselves, while the corrective waves contain the three a-b-c patterns.
The target associated with a leading diagonal triangle is very deep. A 78% retracement from wave 1.

I would greatly appreciate any discussion on this idea, thanks!

Leading diagonal triangle information here-
http://thepatternsite.com/EWleadingTriangle.html

*** Edit, I also put in "Wolfe's Wave". The EPA describes the expected price retracement at the time it hits the green line.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out