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This is a two part thesis about BIB, the Biotechnology shares. The above chart shows you how much these shares have declined since mid-July 2015.
If you take the time to construct vertical Fibonacci time cycles and Fibonacci Circles , which I will call Don's CTW (Circle The Wagons), there is a wealth of information that you can use with your other trade techniques. Let's examine the evidence....
The Fib verticals and Fib CTW's usually align with a key event. Starting from mid-March of 2015 at Fib 0, you will see an impulse leg top and a reversal of the Ichimoku Cloud (thick red) conversion line. The phase energy (top histogram) was two days from a peak. Fib 1 was in a consolidation of price action.
Fib 2 (mid-May, 2015) was coincident with an Ichimoku Cloud conversion line (upside) reversal, as well as the phase energy (top histogram) braking to the upside.
Fib 3 (mid-June, 2015) was an upside continuation, with the thick black Ki jun-Sen Ichimoku baseline turning up.
IMPORTANT KEY EVENT: In mid-July the Fib Circle 1.618 called the BIB top, as the phase energy started to decline. This was confirmed by vertical Fib 5, which was coincident with the Ichimoku Cloud baseline turning SHARPLY LOWER, and the phase energy (top histogram) TANKED. FROM THIS POINT FORWARD UNTIL LATE SEPTEMBER please note how BIB followed the CIRCLE FIB 1.618.
Vertical Fib 8 (Nov) was coincident with an impulse leg top and a cross-over in the phase energy for a short term bounce. Circle Fib 2.618 was in a continuation pattern for the downtrend.
IMPORTANT KEY EVENT: Circle Fib 3.618 (start of January 2016) was in the continuation of the sharp downtrend (at the end of an impulse leg). There was no sign of any upside reversal because the phase energy (top histogram) WAS VERY NEGATIVE, and the Ichimoku Cloud baseline and conversion lines were heading SHARPLY LOWER.
Where are the Fibs and technicals right now?? (Last week of April, 2016).
Fib 13 (vertical) and Circle Fib 4.618 crossed each other at the beginning of April. This indicates an upside trend reversal. The Ichimoku Cloud baseline and conversion lines are heading higher (lower right on chart, long red up arrow). The phase energy (top histogram) is indicating a reversal. At this time I believe this is a bounce in a bear trend, but the retracement target is 50%, or around $60 to $63. Please move to part two, a one hour chart for BIB, where I will highlight Don's Top Ten Technicals for BIB. May all of your trades go well. Don.
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