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
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.