Browse Stacks: Analytics: Elliott Wave: XLE 20.02.16.png
Energy Sector Equities (XLE): A buying opportunity
and when oil hits 1999 may low of 9.99 we talk
Actually, it just broke below a ten day trendline, so no thank you....
as I explained elsewhere I dont think that wave 5 of 5 is over.So probably we will see again the lower 50's I dont think though that XLE is going much lower than that.I believe that if someone wants to built a LT position in XLE it is a good time to start getting in
and again check the volume.It is MASSIVE
so I believe that we are approaching a bottom.I am not a bottom fisher to try and enter a trade to the very bottom .I prefer to build my position gradually
Large volume is indeed a harbinger of a building bottom in a downtrend, however, my experience has shown that strong downtrends require volume divergences on each subsequent swing low (ie high volume spikes, but less and less on each new swing low).