XLE should start outperforming relative to SPY here.
Measured move is $70 if we break $55.
For kicks.
Stop below the large uptrend channel dating back to the early 90's. Target the 250/300 ema on the monthly.
Fibonacci extensions from 08 crash high/low and the last correction.
Stop at recent low. Holding weekly cloud and 200 ema weekly
Just for kicks.
Copied log scale 1999 bottom.
65%ish off ATH's. As long as 18.44 holds, long.
A lot are bearish and this is the potential structure that I see.
Log scale chart
Bearish to 2.92-2.90 area then up imo.
See chart.
See chart. Just an idea.
Long NE with a stop below the white channel.
5.82 ev/ebitda and good technical set up
Potential rally would catch most off guard here.
When trending up it tends to love the 50 ema on the 4 hr.