I haven’t had a look at XEG for a long time but I gave it another once over. The classic diagonal waves were evident and it’s the main reason we see many zigzags. This oil-related ETF could work as a triangle but then I would have to label it all with primary degree waves.
We are close to an 11-year bear market so far and frankly, that may not be long enough for a Cycle degree correction to complete. XEG definitely follows the sun cycle matching 2011, and 2014 peaks in solar cycle 24.
I don’t see the 5th wave decline in Intermediate degree finished, as the Minute degree 4th wave may still have a surprise rally left.
Once solar cycle 25 starts up, then I’m sure XEG prices will rise with it.
Not until the third major bottom shows can I get bullish on XEG and even then another bear market rally could follow.