ERX looks like it completed a bottoming pattern similar to an inverse H&S with increasing volume. It has closed over the 50 day MA for three straight days, and the 10 day MA should close over the 50 day MA today as well. These will both be firsts since it has been searching for a bottom. Momentum is picking up as it sits at a major long term inflection point.
If anyone has seen my analysis on the monthly chart of WETF, this will give you an idea of what you can do intraday based on $100 risk. Obviously you can multiply or divide to fit your situation.
I always look back at charts wishing I could have found them crossing the 17 month MA. Maybe sell half around 11.70 to match risk and wait for pullback to buy again? I think this is a good risk/reward idea.
Indicators on the monthly chart look like a long term buy. Buy on a pullback if PMO continues and goes positive. Take 25% off at first target and wait for huge breakout with low risk.
