Monthly, weekly and daily MACD histogram, all down.
We’ll look at several daily charts before moving on to weekly and P&F.
Above, the Head & Shoulders pattern is clear. There’s a down-sloping neckline with a rally that looks to be rolling over.
An alternate view are two wedge patterns:
On to the weekly. A Fibonacci projection has been added showing down move potential.
Lastly, daily P&F with its own projections.
Interesting to note: Range from 104 – 127, closely matches the 100.0% – 161.8%, Fibonacci range of 108.50 – 128:
From the previous update, biotech IBB, appears to have broken from the crowd. Momentum indicators on multiple timeframes have all lined up to the downside.
Friday’s after-market activity (BigCharts), has IBB down -0.84, on a solid 1,035,712, shares.
If the aftermarket volume is correct (no misprints or errors), it’s equivalent to 25% , of the entire volume for the day’s regular session.