Usually sectors make three legs down. You can generally draw straight lines connecting highs that will illustrate for you each leg down, as I have done here on this composite chart of the Refining Industry Sector.

My favorite stock in this area, because its under $10, is WNR. Don't kid yourself, they have a mountain of problems, which is why we are able to get shares under $10.

However, if they don't go out of business, and the balance between oil price and gas price becomes profitable, your looking at a $60 stock. However, the time to buy is not yet, but after the 3rd leg down has completed. We can expect shares of WNR to maybe be under $5 by then.--Jon