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XLE: Bearish Setup

Reason:

XLE has failed to carry out a thrust following a Triangle.

This failure has turned a bullish pattern into a bearish one with a potential Double Top, which has a theoretical target at 83.74.

I don't have an entry price yet so I will see how price behaves today. Ideally I would go short on a rebound towards the 10 dma.

XLE Daily Chart
Larger Image

I will use $ERY (Energy Sector Bear 3 x ETF).

If the reversal pattern pans out the gap at 22.30 could be filled.

ERY Daily Chart
Larger Image

 

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