Looks like ABC pattern just wrapped up and another wave has already played out as well.
EW could be so complicated so we don't know what pattern will be going forward at this point.
The RSI bullish divergence was missed though. hats off to those who caught it.
Disclaimer, this is only for entertainment and education purposes and doesn't serve by any means...
Bio tech has being doing absolutely nothing during the past 5 yrs, 124 is the level you want bulls to hold if you are long. Avoid the chop until we break out.
Biotechnology has been one of the stronger sectors this year. It’s benefited from the combination of Covid treatment hopes (vaccines + therapeutics), and the macro backdrop (low rates/negative GDP).
As we highlighted earlier in the month, the iShares Nasdaq Biotechnology Index ETF broke out to new highs in late June and has been holding its ground above those...
The IBB is retesting a previous long term breakout level! What happens here is very important. If it holds, then that's bullish. If it breaks back below, then that would be a bearish development.
Everyone’s attention is focused on today’s strong jobs report, but an under-the-radar sector is breaking out: biotechnology.
The iShares Nasdaq Biotechnology Index ETF hit new 52-week highs before the rest of the Nasdaq. And it wasn’t just any old breakout. It was the first move above $130 since mid-2015: a historic push to important long-term levels.
IBB did...
IBB looks to have a just broken out of a 5 year basing pattern. The longer the base, the higher in space. I'm going long 3-5 year hold with sell target of >$400.
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