Rollover Beethoven & Tell Tchaikovsky The News: XOP Rolling Over
Energy prices, as measured by XOP-are very likely to decline. The-XOP-chart is rolling over to a (likely) new down-trend.
There is substantial resistance at $38. A five wave harmonic pattern with three a-b-c corrective waves has just been completed.
This configuration has not yet rolled-over, but I think it will as the price approaches the 89 day moving average (golden-yellow line).
For those of you who think the USD will get stronger, it stands to reason that the energy sector will get weaker.
Here are the letters and what "TRADE-MAP" means to me (first the letters in TRADE):
1. T : Time and space (Fractals); 2. R : Repeating Cycles; 3. A : Advancing Trend; 4. D : Declining Trend; 5. E : Energy in Phase Forces.
Now the letters in MAP:
6. M : Momentum and Velocity; 7. A : Analysis of Structure; 8. P : Price Performance. There you have it: Don's personal "TRADE-MAP.
Here are "Don's Top Ten Technicals": 1. The Ichimoku Cloud is weak, with lower prices now than structure to the left. 2. Prices will likely fall BELOW the cloud. 3. Prices are falling BELOW the thick red Ichimoku Cloud Conversion line. 4. The thick red conversion line is moving LOWER. 5. The thick black line is the Ki-Jun-Sen baseline of the Ichimoku Cloud and this is very likely to head DOWN. 6. The indicator on the top of the page is RSI / Stochastic , and this is FAILING. 7. The top-side middle indicator is vortex and this is NEGATIVE (red over green).
8. The Top (bar-type) indicator measures the "phase energy", and this HAS BEEN GETTING WEAKER. This suggests the selling has more to go.
9. The red fractal arrows (not pictured) are DOWN.
10. Look to the far right on the chart, around $34.81 You will notice a blue line on the bottom (jaws), with black dots above (teeth), and a yellowish line (jaw) above the black dots. Now, all three are CLOSING, correct? This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth of a SLEEPING alligator, and the alligator will awake to feed into a new DOWN-TREND soon.
The XOP-is different from-XLE because of the percentage limitation of high yield energy stocks (I believe that no more than 2.5% of any one issue is allowed in-XOP). In other words, the dividend payouts in XOP-are not as strong as they are in-XLE. XOP-price action should roll over easier.
Today I would like to close with three quotes from Mark Twain:
1. “Don't go around saying the world owes you a living. The world owes you nothing. It was here first.”
2. “Get your facts first, and then you can distort them as much as you please.”
3. “I have never let my schooling interfere with my education.”
I hope this contribution has been helpful. May all of your trades go well. Don.
There is substantial resistance at $38. A five wave harmonic pattern with three a-b-c corrective waves has just been completed.
This configuration has not yet rolled-over, but I think it will as the price approaches the 89 day moving average (golden-yellow line).
For those of you who think the USD will get stronger, it stands to reason that the energy sector will get weaker.
Here are the letters and what "TRADE-MAP" means to me (first the letters in TRADE):
1. T : Time and space (Fractals); 2. R : Repeating Cycles; 3. A : Advancing Trend; 4. D : Declining Trend; 5. E : Energy in Phase Forces.
Now the letters in MAP:
6. M : Momentum and Velocity; 7. A : Analysis of Structure; 8. P : Price Performance. There you have it: Don's personal "TRADE-MAP.
Here are "Don's Top Ten Technicals": 1. The Ichimoku Cloud is weak, with lower prices now than structure to the left. 2. Prices will likely fall BELOW the cloud. 3. Prices are falling BELOW the thick red Ichimoku Cloud Conversion line. 4. The thick red conversion line is moving LOWER. 5. The thick black line is the Ki-Jun-Sen baseline of the Ichimoku Cloud and this is very likely to head DOWN. 6. The indicator on the top of the page is RSI / Stochastic , and this is FAILING. 7. The top-side middle indicator is vortex and this is NEGATIVE (red over green).
8. The Top (bar-type) indicator measures the "phase energy", and this HAS BEEN GETTING WEAKER. This suggests the selling has more to go.
9. The red fractal arrows (not pictured) are DOWN.
10. Look to the far right on the chart, around $34.81 You will notice a blue line on the bottom (jaws), with black dots above (teeth), and a yellowish line (jaw) above the black dots. Now, all three are CLOSING, correct? This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth of a SLEEPING alligator, and the alligator will awake to feed into a new DOWN-TREND soon.
The XOP-is different from-XLE because of the percentage limitation of high yield energy stocks (I believe that no more than 2.5% of any one issue is allowed in-XOP). In other words, the dividend payouts in XOP-are not as strong as they are in-XLE. XOP-price action should roll over easier.
Today I would like to close with three quotes from Mark Twain:
1. “Don't go around saying the world owes you a living. The world owes you nothing. It was here first.”
2. “Get your facts first, and then you can distort them as much as you please.”
3. “I have never let my schooling interfere with my education.”
I hope this contribution has been helpful. May all of your trades go well. Don.