NASDAQ:BIB ProShares Ultra Nasdaq Biotechnology
We into the retracement of buy ( long term ) cycle, which means a re-accumulation would happens before it starts moving upward seriously again. On the daily supply is still pretty heavy, which tells me more absorption of it have to happens and a spring ( move downward on steroid) is even a possibility to happens right now, which means price would go test lower area before going up. For me to put serious buy position I would need to see the supply calm down and a break upside 94. with some signs of strength, or a spring with some type of test back upside to the support. If I would hold buys, I would monitor carefully in case it breaks under 77. and I would get out and re-enter if the occasion occurred.