Dashbridge
Short

XLE, Leading Diagonal Triangle Elliot Wave

BATS:XLE   SPDR SELECT SECTOR FUND - ENERGY SELECT SECTOR
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.
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