XLE formed a bullish candle above support from the rising 50 week MA last week. This week it is in the process of forming a weekly swing low.

Last was week 22, which placed XLE in its timing band for an ICL. Forming a weekly swing low this week signals the new intermediate cycle. XLE is currently in a weekly uptrend.  A close back above the 10 week MA will indicate a continuation of its weekly uptrend and signal a weekly cycle band buy signal — in which we would then label week 22 as the ICL.