ESV has completed a long term correction with his last 3 wave move to the upside. Now it has broken the previous lows. If it bounces to the level posted on chart i'm expecting one more impulsive wave down.
As the underlying US Energy Index gathers fresh upside momentum, there are signs of improvement appearing in Ensco Plc.
The multi-month basing pattern is showing early signs of bullish resolution, as oversold momentum studies and positive divergence begin to unwind
Whilst trading could become choppy in the coming weeks - to be expected following prolonged basing...