Timing is key

SPDR S&P OIL & GAS EXPLORATION.... The birth of a breakout!

321 1 5
Hello all,

After a long downtrend you can observe 2 major clues of an impending upward breakout. First the 3 contracting downswings and second the 4 rising bottoms that together have formed a nice Inverted Expanding Pivot ( Or classic Pennant ). The other interesting clues is beginning with the low with have a classic Andrews 5 Pivot count and all the low pivots have failed to reach their respective median lines which are all sign's that the Bulls are building up their positions. I will be stalking this one closely as these moves can be BIG..... Traps are Set!!

PS: Also the last few bars have formed a nice little channel which Andrews used to project the future target by counting the number of touches of the swings.....Conservative 43 and possibly much higher.

Well......The Breakout was certainly BIG but in the opposite direction!! So, The Long didn't activate as point 3 was never reached! so as this thing dropped to the lower part of the channel it created 'Touch 2' on the downside, and closed below the channel! The slight breach of the upper parallel of the pitchfork was contained with a sliding parallel! Which left only ONE possible short target confirmed with 2 separate Andrews Methods, The Purple median Line + 2 times the horizontal channel....both coinciding!!........Sometimes there is more to be learn't from a pattern failure when you keep applying the rules......See chart for the short entry signal!!
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