AMEX:XBI   SPDR S&P BIOTECH ETF
230 6 3
Biotech went wild after Donald entered the white house.
It will rage for a while longer. When it hit the 75 mark, enter short with LABD             .
Then ride it down to see the gap closing.
There is a risk that it will close the gap before it hits 75 - by e.g. double topping, but I find it more likely that it will now continue up to 75.
75 is the critical number for the short entry.
Comment: It seem at this point it is more likely it goes down for gapfill before it goes to the 75 area.
I am very sceptical about the stock market at this point as I believe it is due for a retrace. I will not be positioned in XBI at the moment, neither long or short. It is always a risk of being long in a position that has unfilled gaps below. I follow the semis as a leading indicator, they are @ a VERY heavy resistance area. I believe we get a pullback in stock market very soon.
Hi, why is 75? Thanks
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Viking83 PRO sherrytradingview
@sherrytradingview,
I set the target based on 360 degree Gann level given a base price of 44.
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@Viking83, I have been watching this closely the last few days.. showing some bullish signs and some sort of bull flag pattern.. Still think it tags 75 before the gap fill? Daily bearish MACD cross yesterday
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Viking83 PRO sherrytradingview
@sherrytradingview, Price action met heavy resistance at 180 degree level as well. Of course, observe price action at that level; 75-76 before taking trade.
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Viking83 PRO sherrytradingview
@sherrytradingview, The area where the gap will be closed is actually the 180 degree.
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@Viking83, Thank you!
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