XLE/ERX - Bear Island
The chance is high that we are printing an island reversal today in XLE.
Yesterday a lot of players stopped out in ERX and XLE as we broke to new lows.
I think it was only a final shakeout before the next rally.
If we have a gap open today and the gap is not filled we are printing an island reversal . It would be a very strong bullish pattern in XLE and ERX.
This could sign a long term bottom in XLE and ERX. It is important that the gap should not be filled. In this case it's a runaway gap which might never get filled.
LONG follow through idea
Yesterday a lot of players stopped out in ERX and XLE as we broke to new lows.
I think it was only a final shakeout before the next rally.
If we have a gap open today and the gap is not filled we are printing an island reversal . It would be a very strong bullish pattern in XLE and ERX.
This could sign a long term bottom in XLE and ERX. It is important that the gap should not be filled. In this case it's a runaway gap which might never get filled.
LONG follow through idea
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Gap is still open...
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Chart the XLE and not the ERX...
