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