XLE /ERX - Possible long term bottom

We possibly forming a longer term bottom in XLE (ERX is the 3x ETF for XLE).

Yesterday I wasn't able to post the chart I just posted below the last oil chart: I'm going to enter into ERX at the close.

XLE and ERX likes to bottom with a beartrap. When RSI leaves oversold territory it's usually a good sign we are bottoming. In this case we might be printing a longer term intermediate low and a great rally is coming.

New LONG ENTRY : 67.7 $

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ERX's last year rally was 300%. I think this year it could easily print 200%.

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It's going to be a long term trade. Minnimum 3 months. Maybe 6 months.

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If you want to enter now I suggest to enter 50% of the planned position now and wait a little bit with the rest of the position.
There might be one more hit in oil. That's why I'm holding my shorts in oil...

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It seems to me they've run the stops below the big volume day's low...

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Smartmoney might be positioning in oil shares...
The further oil decline will be stopped, if not here than at 47-48$...