XBI is running into head & shoulder pattern

lets form the Right shoulder, it is good opportunity to scalp a long to 64.24 which happens to be in the clones level. Watch closely to see there is no further decline over neckline.
Comment: looks every time when RSI dip to around 30, the bottom is formed. Finger crosssed, watch Monday closely.
Trade active: $SRPT pulled this down somemore, $SRPT did mess the $XBI chart, but I am ignoring the neckline violation. The h4 hammer was a good sign to long. Trade with caution.
Comment: technically we are still at the neckline, closed my position. will re-enter if it clear 60.81
Comment: bottom build is in progress, this might resume the right shoulder build. Watch closely.
Trade closed manually: This not valid for the moment, could be sideways, caution and keep an eye on it
Comment: this could be a perfect reversal signal
Trade closed manually
I have 3 XBI puts at 55 due Dec 2016 and I opened 100 shares of LABU today.... just testing this small position (hedged)
swinger nnavarrete
3 put contract XBI? The H&S might work, XBI got lots distraction of some small caps, like SRPT, which was up huge and it contribute to the head building, now might also drive it down as well. Finger crossed.
nnavarrete swinger
Somehow I am hoping for a stock market crash :)

I have 47 SPXS calls $15, due JAN 2017

Great article from 2014 http://www.cnbc.com/2014/12/31/dont-worry-about-the-us-economyuntil-2018-economist.html

I think it may happen earlier than expected.

I agree, my Elliot Wave count under the link

Just saw this chart first time and made the forecast!
+1 Reply
swinger Zohaib_Malik
Thanks for sharing. a 50% retracement to right shoulder
+1 Reply
Nice chart. Be nice if the retrace started on Monday -- namely, no further decline over the neckline, as you say -- for a nice swing up.
+1 Reply
swinger archie123
It did go down a little more, but looks come right back, see my update.
archie123 swinger
Stop triggered Monday at the drop, but will get back in to ride up to the right shoulder. Thanks.
Good chart!
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