Valero Corrective With a Sell Setup

We have been watching the us energy stocks. This stock is different as most of the others have been in a corrective structure since the start of the year, following oil. As you can see from the chart VLO has been falling since the end of March.

As with the others it is still in a corrective structure right now (though only since July) so it makes a good candidate to watch for some more down.

We will wait for it to break down through the lower trend line and then watch on a lower time frame for a retest and rejection or conslidation before shorting