The last update on the short position in biotech, said we’re keeping it until stopped out or target met.
Currently the LABD stop is located at 17.21 (not advice, not a recommendation).
The biotech IBB chart shows us price action is verifying the existence of the Neckline; The two (arrow) hits on the right side.
The deduction we’re in an H&S top, at this juncture is correct.
If IBB makes a new daily low, with LABD making a new daily high, then we’ll be able to move the LABD stop higher.
That new level will be defined by price action itself.
Charts by StockCharts