XLE may retrace to 82 @ TL; more pain to come if 79 breaks
Update on my previous warning that XLE is soon to retrace.
BULLISH CASE: XLE reached ATH 93.31, my FIb 2.0 target & retraced. It should bounce at the red Dec2021 trendline @ 82…FIb 1.0 which is a previous April top.
BEARISH CASE: XLE had a very impressive run up since its pandemic low & a correction is overdue at this ideal time when extreme high oil price may dampen demand & OPEC & US to increase production. This correction will be temporary since China has re-opened from lockdown & demand will slowly increase going forward pointing a higher wave 3 or a wave 5 after a potential wave 4 correction whichever case may play out. But if 79 (FIB 0.50 retracement from 65 to ATH) is lost, more pain will come to the broader market SPX. This may also mean that wave 3 has peaked & an ABC wave 4 down may be underway.
Not trading advice
BULLISH CASE: XLE reached ATH 93.31, my FIb 2.0 target & retraced. It should bounce at the red Dec2021 trendline @ 82…FIb 1.0 which is a previous April top.
BEARISH CASE: XLE had a very impressive run up since its pandemic low & a correction is overdue at this ideal time when extreme high oil price may dampen demand & OPEC & US to increase production. This correction will be temporary since China has re-opened from lockdown & demand will slowly increase going forward pointing a higher wave 3 or a wave 5 after a potential wave 4 correction whichever case may play out. But if 79 (FIB 0.50 retracement from 65 to ATH) is lost, more pain will come to the broader market SPX. This may also mean that wave 3 has peaked & an ABC wave 4 down may be underway.
Not trading advice
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免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。