Looking behind the curtain, we see how deep the rabbit hole goes.
Nearly a century ago, back 1921, Jesse Livermore said in an interview, the prime objective of the markets was “deception”.
Nothing has changed.
Price action is truth; all else is vanity.
Over the past several days, the market looks to have made its turn.
If we’re in that next leg lower, at some point the curtain will be pulled back to reveal what may be the largest financial wipe-out in history.
A reversal in Biotech was identified two days ago. That reversal continues with the sector (IBB) opening gap lower.