After breaking and violating my previous setup on IBB, the selling action we've seen on expiration date could mean that options traders finally think IBB has reached too far. When this selling action comes with a daily bearish AB=CD pattern, it becomes interesting. If indeed we will see a pullback, the first point of interest will be the meeting point with the broken trading channel shown in the chart. That will be the test point for the bulls - They can either confirm the breakout by buying at this level, or fail to hold against selling pressure and the breakout will turn into a false one, signaling the bears to keep on pounding a very overbought market.
I'm with the bearish AB=CD pattern, meaning - short.
marvelous, yes indeed at market top, an exceptional high volume signals bearishness
but i thought there is still some upside left
themarketzone
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Possibly. The price is still above structure, SMA lines and hasn't showed any weakness except Friday's price action... but still - It's an AB=CD pattern. Worth the shot
but i thought there is still some upside left