Canadian Energy Industry ETF - XEG

Well,

Some think we are in a recession, some say just a bad month or two.

This is the XEG.TO chart which is the Canadian Energy Sector ETF.

So far it has bounced off this blue line, but support has really been unavailable as we fell through all the fibonacci levels.

It's a falling knife. Complete with extreme values in great stocks.

To see a larger version, click on the chart.

The color coded bars are from Dr. Alexander Elder.

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Good Trading.

 

Greg Schnell, CMT