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Corrective Period for Crude Oil (XLE)


See the longer-term chart of the XLE, which shows the massive uptrend off of the July 2002 low at 19.39 to the 60.15 high in May 2006. My work argues that the three-fold appreciation represents a completed upleg, and that the oil sector has entered a corrective period of either sideways or downside price action.

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