Energy did have a strong bounce off the major support line just as we were identifying a descending wedge, but now an ascending wedge has appeared after our rise. I've now put in a sell signal for Energy ETF XLE but the mildly ascending channel is still in play and has been since June. I'm not sure what kind of sell-off is expected here with the EMA's bullishly aligned but pessimistically the EMA(34) should hold. If that should give up, much lower prices could be expected in the near-term. Please remember that no headway has been made recently in creating new highs and so far all we have is $72.00 yesterday and $71.50 a month ago. Russia has been flip-flopping on OPEC output cuts but many analysts have noted that they have been broken in the past with Iraq signalling that it wants to boost output and Nigeria being exempt from production limits all together.