ERX Update

Some of us have ERX long (Energy Bull 3X), I'm looking at the charts and think that a profit can be made on a bounce, but longer term I'm not loving what I'm seeing. I'll be setting several price target alerts and take a look at ERX at each, but I suspect at one of them I'll likely be looking to close the position.

 I don't really care too much for that upside break of the channel, "Channel Buster", the bullish looking breaks usually turn out the opposite and vice versa, but I do think a bounce from this area is still likely so I'll try to wait on that before deciding where to close ERX out.

 The 5 min chart from the negative divergence at the upside channel break and a positive divergence at the lower channel.

 15 min chart with positive divergences at the lower channel boundary.

 It's this 60 min chart, which fits well with this weekend's post about the Commitment of Traders and the 3C analysis that fit well with the Commercial COT. The fact this shows up here where the Channel break to the upside occurred also is part of my reasoning as it hasn't done much since but deteriorate more.

Here are several general areas in the channel that are either gaps or resistance areas that i'll be looking to unload ERX, depending on how it looks at each level, obviously I want to close it as high as possible.