The Energy Sector IYE reached a Supercycle Wave V high in 2008. 2014 represents a Wave B up of Cycle degree which should give rise to a Wave C down which has just started. The Oil&Gas Exploration and Production Index IEO also shows a similar pattern. The Energy weighting in the S&P500 at 2013 year-end is 10.2%.
IYE 27-04-14 14 yr

IEO 2006 - 2014

Most stocks in this sector follow the wave count of the index XOM ( $436bn), COP ($92bn), SLB ($132bn), HAL ($53bn)

COP 1982-2013 HAL 1972 -2014 SLB 1981-2013 XOM 1970-2013

However, for the minority of energy stocks 2014 marks the Wave V Supercycle high. These are stocks such as CVX ($240bn), EPD ($67bn) KMP ($33bn), SXL ($9bn)

CVX 1970-2013
EPD 1998 - 2014
KMP 1992 -2014 SXL 2002- 2014