Broke down out of the flag today. Looking for a back test of the top of the the hump of the potential double bottom of about 2.06- 2.08 ish. If it can't hold this strong support, look out below to 1.70 again.
Comment:
Showing some strength here. I'm going to revise my target and estimate a pull back to no less than 2.20 by May 15th. This would give us a third touch off the bottom rail of this expanding wedge. It would allow some of the energy to build back up as the Stoch drops down and coils for a run up again. I have a medium term position I initiated late last year and am looking to add some short term options iff it hits the bottom blue line and things look positive in both the bio sector and the market overall. Timing and execution are everything.