The SPDR Energy Select Sector is a good litmus for US and Worldwide Energy/Crude Oil related Stocks.
SPDR Energy Select Sector is attempting to complete its consolidation and eyeing for breakup of the triangular pennant. The price structures are large, meaning markets are brewing for large moves.
The 2nd green arrow is the expected trajectory and it is a pennant pole measuring x=$13.00 in distance, mirroring the 1st pennant pole (measured x in distance) as illustrated by the 1st green arrow.
It is worth highlighting that the US Trade War was used to shake out fools aplenty in the financial markets. These herding sheeps are very bearish and are calling for either stock market crash or a bear market. The predatory smart monies deem it right to execute bullish breakup of the pennant now -- to leave out as much of the herd-majority as possible. This will leave many people behind as they are out of the markets already. It will also turn short-sellers into a charred state.
The Donovan Norfolk Technical Rating:
Worldwide energy and crude oil stocks are expected to shoot through the roof in 2H-2018 and 2019. More waves of super rally in equity markets can be expected in 2H-2018, 1H-2019 and 2H-2019 -- amidst the backdrop of 80% market majority having the conviction of a bear market coming.