Biotech: Top at election?

Biotech (IBB) is trending higher and may reach a top right during the election.

If that happens and then reverses, it may be posting a bearish MACD divergence on the weekly chart.

From the low during the week of March 20th, we see a potential Fibonacci time correlation in effect.  A pull back low occurred during the week of June 12th, a Fibonacci 13.

Interestingly, the week of November 6th, is Fibonacci Week 34.

On the sidelines for now; watching for a trade set-up.

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.
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