Although XOP has essentially traded sideways since breaking down (as with the broad markets), I still favor a resumption of the downtrend to the T2 final target of 31.77. A break below this most recent minor uptrend line could be the catalyst for the next wave down. The second 60-minute chart below presents an alternative view of XOP showing a symmetrical triangle pattern which could break either way. Whether my call for more downside in crude oil plays out or not will likely determine if my XOP scenario continues to play out or not.