ERX is now doing abc of wave 4. After this temporary abc retracement completes the wave 4, the final wave 5 will start.
See my 2 projected targets for take profits. Set trailing cutloss on previous pivot lows.
Crude oil & Natural Gas will have more upside after this retracement.
Not trading advice but this is just a “thank you” guide for my loyal followers.
It looks to me like ERX (Direxion Energy Bull 2x ETF) is ironically forming a very bearish outline which seems to coincide with other bearish indicators for oil and equity markets.
What's interesting here is the coexistence of a rising wedge form (highlighted in orange) with what appears to be quite a tidy Elliot wave count.
There is a pretty clear set of 5...
Playing a multiple bottom. Energy has been trading down while the rest of the market has been setting new highs leading me to believe this sector has been overlooked. Usually Id wait for price to break the 50EMA but with the multiple bottoms showing a strong support level, I believe entering now before the bullish EMA cross over is not that big of a risk.
Price has formed multiple bottoms on the lower trend line which has proven to be quite stable. As you you can see on the charts, the price pattern has started to form a wedge. The wedge pattern, the multiple bottoms, and price testing the 50ema, leads me to think this is setting up for a bullish run.
oil - ERX- are we heading north ?
is testing major support line in 12.75. can we trust the upside due to oil-data today.?
double bottom when 15 is taken out.
According to ValuEngine, one of the better analytics firms, oils and energy are the most undervalued sector right now. VE estimates that this sector is undervalued by about 32%.
Meanwhile, crude oil is in an uptrend. OPEC is looking at supply cuts, geopolitical tensions with Iran are heating up, and US crude oil inventory just posted another large supply draw. In...
Energy has lagged the resilience in oil price. Geopolitics now looking to give the underlying another impetus higher. ERX represents 3x diversified majors but could be expressed via single names with high leverage to oil price.
NYSE Arca
