MontBel

XBI biotech ETF EW count options

BATS:XBI   SPDR Series Trust SPDR S&P Biotech ETF
Sharing an intermediate view of the EW count options for XBI.

The short-term bullish range is $97-$98.

The short-term bearish target ranges are $89 - $88.50 and $87.

The bearish count, in red, drops the price to $81ish as first support. If, $81 range does not hold, $72 is the C wave target.

In the meantime, I anticipate a lot of chop in the range from $86 - $100 in the next couple months until a rate cut occurs.

As speculation of a rate cut increases, the price can begin to gravitate toward $104. When an interest rate cut is proposed, XBI will blast to the $140s but I am reserved about this outcome at this time.

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