As it becomes more apparent the entire ‘mask experience’ was a mirage, a fabrication, there may be no bottom in sight for biotech.
New highs for IBB back in April, prompted this video ‘analysis’ clip.
Biotech, moved even higher from there.
Anyone shorting IBB (via BIS or LABD) back then, most likely covered with a significant loss.
Now, things look different.
In classical analysis, Wyckoff parlance, what’s been going on is called an “up-thrust”. It’s an archaic term to describe a false breakout: A reversal.
Biotech may actually be one of the market leaders to the downside. It’s already made new highs and is reversing now.
The overall market, the S&P could defy gravity and prognostications for an immediate crash by making its own new highs before rolling over.
A technical chart and nascent trend-line of IBB, is here.
If we keep getting lower lows and price action stays within the trend, there’s significant downside potential.