Energy / ERY Long

On Feb 12th I decided to fill out the ERY long position (3x short energy); timing looks good as something is most definitely up with Energy.

A lot of you had been asking me about ERY long for well over a month and until last week, I kept saying the same thing, "I think it will be a nice trade, just not yet, just be patient". I think our patience is paying off and this may be an interesting development for the overall market as this is a huge sector.

I still think ERY is a decent long, although I'd prefer to wait for a pullback here.

 On what looks to be a head fake move, common right before a reversal, the new version of 3C that has a much higher standard for a divergence is full on leading negative.

 Note the range and the break out above the range-common head fake move when 3C is in distribution, today would be the confirmation of the head fake move.

Also note volume vs the 200 day average.

 Energy 60 min leading negative big time.

 5 min leading negative

And the 2 min trend.

I could post a dozen or more charts, they all come back to the same.

ERY is a 3x leveraged bear energy ETF.