XLE Technical Set-Up Continues to Strengthen

The July-Oct base-like pattern in the Energy Select Sector SPDR ETF (XLE) is nearing a key-upside, inflection zone at 69.30-70.20, which, if hurdled and sustained, will confirm that a new upleg is in progress off of the Aug 24-Sept 29 double-bottom lows.

Such a confirmation will trigger upside projections at 72.00 and 74.30 near-term, and from an extended perspective, to 78.00-80.00.