themarketzone
Short

It is now or never for this AB=CD pattern

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
$IBB at new ATH             and inside the PRZ of this daily AB=CD harmonic pattern . 330$ should be the top of this spike high for this pattern to work
SS96 PRO
2 years ago
"it is now or never" - strong wording, could just morph into a different pattern.
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themarketzone PRO SS96
2 years ago
I know I know. A little over dramatic there. I was referring to this specific pattern.
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SS96 PRO themarketzone
2 years ago
the key will be exceeding largest % decline in this run up. so far it has not. The longer in time the patterns are the less likely they are to work. Reason? Everyone is looking at the same thing, thinking the same thing. Short mid term patters have higher chances to be more accurate. just my 2 cents.
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themarketzone PRO SS96
2 years ago
I agree with you that once a pattern is obvious, the chances are that it will fail, but I've traded these pattern long enough to know that over time, their accuracy rate is about the same as in shorter time frames. I think we have another leg up in $IBB before the reversal, perhaps to a double top, but that is too soon to know.
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SS96 PRO themarketzone
2 years ago
From a long term perspective (5-10-15 years out) biotech still has a lot of room to go IMO. it is in its early infancy days, much innovation is still ahead of us.
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