ERY / XLE Charts

I don't know what it is about energy because I like XOM and closed out half the Sept. $85 call today hoping I can re-open it at a better price, the P/L broke down like this on only 1/2 the position closed.

I closed 10 of the 20 contracts at $4 with a cost basis of $2.88 so that leaves a nearly a +39% gain.

As for ERY, I wasn't sold alone on ERY, it took XLE as well.

 ERY 2 m, that's an interesting, tight "U" turn

ERY 3 m

ERY 10 m

ERY 30m


XLE-Energy Sector

 XLE 1 min has a clear divergence and an interesting, large rounding top.

XLE 3 min is leading negative something fierce.

 As is XLE 5 min, something is going on here.

Looking at the hourly chart, this is a pattern I look for and see a lot in tops that are just about to take a dive, I call it an "Igloo". It kind of looks like the rounded roof of an Igloo with a little chimney on the side (Head fake moves often) and with this leading negative 60 min chart, those 1-5 min charts look even worse, I thought ERY with its 3x leverage was a good way to play it.