Energy/ERY

For those interested, earlier I showed Energy (XLE) with a head fake move that has thus far failed, this is a common occurrence just before a reversal for reasons I have written about at length in "Understanding the Head Fake" part 1 and 2 which I will post links to on the right side of the member's site for east access.

Earlier I said not only did we enter ERY and fill it out last week, but that it still looks good here, but I'd prefer to wait for a pullback (intraday) than chase it. It looks like that pullback is here, so if you like ERY, let me know (email) and I'll continue to post the areas in which I think the pullback is over, giving you a better entry and lower risk.

 2 min 3C ERY is negative, this is an intraday pullback signal that happens to be at some resistance.

 At 3 mins there's no real negative divergence so this DOES NOT look like anything more than a pullback intraday, it doesn't look like trouble for ERY long.

As you saw Energy's long term 3C chart which was very negative and why we waited for ERY (long) although many people were interested in getting in weeks ago, take a look at the other side of the coin with ERY's 60 min chart.

Impressive, also apparently good timing as the leveraged ETFs seems to be a lot closer to the actual pivot obviously because of their leverage.