12:59 p.m., EST:
Expectation for sustained AMGN, reversal.
Note: The Weekly Close chart of AMGN above, is ‘inverted’. Wyckoff analysis references are inverted as well:
Up-thrust, now becomes ‘spring’.
Sign of Supply now becomes ‘Sign of Demand’, etc.
The chart has been expanded with more detail below:
We’ve had the penetration (and close) below support. Then a reversal which indicated sign of demand.
Price action then came back to the support level for a ‘test’ and then reversed again.
Now, AMGN is at the point where the set-up is complete:
Penetrate, Close, Demand, Test, Reversal.
We’re in a high probability set-up for continued AMGN, downside.
At this point, AMGN is the No. 2, market cap equity in the IBB, biotech sector; a good proxy for biotech overall.
In a separate but similar market, SPBIO, today’s action continues to follow the forecast updated in yesterday’s report.
In that market, leveraged inverse fund LABD continues to push higher and is currently up +1.40%, for the day.
No major LABD breakout (breakdown for SPBIO), yet.
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