I've been warning that the next sector to fall to the bear would be the energy stocks and sure enough the XOI has now moved into a down trend. The oil service stocks are showing a double bottom breakdown. My guess is they will be following the rest of the energy sector soon.The third chart is the US coal index. This is what a parabolic collapse looks like.
While everything else is breaking down the PM and mining stocks are both entering uptrends. The XAU is currently sitting right on support. Now would be a low risk entry for miners with a stop two boxes down on the XAU chart.
Coincidentally gold is right in the middle of a timing band for a trading cycle low. I doubt that gold has too much downside from here.
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