The chart below shows the Energy SPDR (XLE) with a 5% Zigzag. This indicator filters out smaller fluctuations by only identifying moves of at least 5%. XLE is currently zigzagging up with higher highs and higher lows. A break below the October low would reverse this uptrend.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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