SPDR S&P OIL & GAS EXPLORATION.... The birth of a breakout!
Hello all,
After a long downtrend you can observe 2 major clues of an impending upward breakout. First the 3 contracting downswings and second the 4 rising bottoms that together have formed a nice Inverted Expanding Pivot ( Or classic Pennant ). The other interesting clues is beginning with the low with have a classic Andrews 5 Pivot count and all the low pivots have failed to reach their respective median lines which are all sign's that the Bulls are building up their positions. I will be stalking this one closely as these moves can be BIG..... Traps are Set!!
PS: Also the last few bars have formed a nice little channel which Andrews used to project the future target by counting the number of touches of the swings.....Conservative 43 and possibly much higher.
Thanks
After a long downtrend you can observe 2 major clues of an impending upward breakout. First the 3 contracting downswings and second the 4 rising bottoms that together have formed a nice Inverted Expanding Pivot ( Or classic Pennant ). The other interesting clues is beginning with the low with have a classic Andrews 5 Pivot count and all the low pivots have failed to reach their respective median lines which are all sign's that the Bulls are building up their positions. I will be stalking this one closely as these moves can be BIG..... Traps are Set!!
PS: Also the last few bars have formed a nice little channel which Andrews used to project the future target by counting the number of touches of the swings.....Conservative 43 and possibly much higher.
Thanks