Failed Breakout at Resistance — Left Translated Cycle Formation in Play
Summary XLE broke above 46.50 on Friday but reversed into a bearish close. Monday delivered bearish follow-through, forming a swing high. Pattern favors a left-translated daily cycle, increasing downside risk. A close below the 10 day MA will confirm the daily cycle decline. A close below the lower daily cycle band would begin a daily downtrend. XLE had been contained by resistance at the…














