Trading Strategy for ERY ETF

I recently went Long on ERY ETF early last week mainly because I felt that ERY is currently at its major support level (9 month trend). At the same time, the stock market indices such as S&P
500 is near its long term 50% Fibonacci Retracement level at 1,121. ERY should bounce off this support level and rally higher into $12-$14 but so far it has been trading pretty much sideways. With a little more patience, hopefully I should see ERY start moving higher this week.

In looking at a 9 month chart, there has been three major rallies after reaching support at near $10 range. First rally occurred in October 2009 and took 9 days to reach its peak ($13 range). The second rally occurred in January 2010 and took 8 days to reach its peak ($14 range). The last rally occurred in May 2010 and took 8 days to reach its peak ($14 range). Not sure if we will experience another major rally this time but the potential is there. If S&P 500 fails to break its long term 50% Fibonacci Retracement level and start heading down towards $1,040 level, then ERY will follow and make a rally just like past three times.