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.

Stay Tuned.

Charts by StockCharts

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