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Took a contrarian swing trade long position in ERX. I think the risk set up is better on long side here. I also went long KMI at $15.15 this am….possibly as a very long hold.
Sorry Fully….disagree that ERY looks good….we’ll see! 😉
11am update – possible reversal day in the making. ERX, OIH, FCG, XLE are all now green on the day. ERX came back from a gap down 9%+ and turned green….that’s how bottoms are often formed. At least for good swing trades even if it’s not THE bottom.
ERX vs ERY
Depends on timeframes.
Right now I’m in no man’s land here. ERX is ‘coming about’ as sailors would say. But my LT charts still EMPHATICALLY say play with ERY.
I’m hoping for a substantial ERX bounce into which to short heavily.
From EW standpoint, we probably have finished the waterfall move (last 5 days). Ie, Wave 3 down in larger structure where the top was early Nov.
If so, this could/should be W4. W2 was drawn out, and flat. W4 could be sharp and compact.
But W5 down remains so the swing low should still be ahead.