In price action very similar to AMT before its reversal, IBB looks ready to move decisively lower. Early session hit 38.2% retrace and now, test action (higher) looks weak.
Markets are fractal. Price action repeats itself at various time-frames.
Expectation is that IBB will continue lower from here just as was the case with AMT.
The difference is, since we’re dealing with an hourly time frame instead of daily, price action is faster.
All accounts have been cleared of positions except for being short biotech.
Positions are as follows (not advice, not a recommendation):
LABD: Entry, 19.976, Stop 19.52
BIS: Entry 22.32, Stop 21.75
There are a number of problems for biotech hovering the background that could blow the lid off the ‘planned event’ of the past year.
More information to be provided in a subsequent update