looking for a retrace of the .618 fib level which should give way to the cup/handle breakout pattern of $xbi also notice price action at the top of the wedge
Was going to post this idea sooner, but didn't and now regret it because its essentially almost happened fully.
But better late than never so here we are.
XBI is a short.
It did a head and shoulders with a bear flag/wedge. It broke down from the wedge today and is on its way to its monthly low targets.
Based on a prob assessment, high probability of hitting the...
XBI has been in down trend channel and now it looks like it might try to breakout again. It also look like it is forming the right shoulder of the inverse H&S.
If the price can stay above $80 in coming days, there is a chance that it can break out of the channel and head towards $97 with potential further upside to $119.
Target 1 - $97
Target 2 - $119
Stop -...
$XBI, which is a biotech ETF, is showing a potential bearish 2-1-2 continuation on the quarterly chart.
Because of this, I will be looking at biotech stocks for a short.
Both $QQQ and $XBI made a bullish reversal open on 27 Sep., however QQQ sold down while XBI moved higher.
When the daily candle on XBI (or candle pattern) does not match that on QQQ, take note. I have added lines to highlight examples, and these mismatches often occur at turning points with XBI indicating direction for QQQ.
It is not a sure predictor, as you can...
Compare August 19-23 here with Aug. 22-24 on SPX and NDX (or SPY and QQQ). You can see the XBI lead at numerous turning points on the daily chart if you look back. I note yesterday's red candle not as a solid predictor of market's close today, but as a caution and a note to lean bearish.
The dashed yellow line connects closes on a line chart. If XBI closes below...
xbi is displaying strength on the daily as far as qqe and sss strategies are concerned. if we stay above pivot im targeting upper horizontals as rising 4hr triangle could bull pennant, and if we fall beneath that pivot resisting from rising 4hr triangle i would target lower horizontals.
The biotechs led the market from the lows in July. Last week, the sector had a sideways move as it rebuilds above the moving averages. Keep it on your radar in case it triggers above $95.18 for a move past $100 in the coming sessions. $90 is active support for the week.
Biotech has been hammered since Feb 2021. This ETF is still down 50% + from it's all time high.
It formed a double bottom and now a small bullish flag.
Target is 97. Longer term 122,134
looking to short biotech here and look for a retrace back to the .618 fib level and the .50 level. to form the cup and handle pattern. This also sets up a inverted head and shoulders on the higher time frame
