12:34 p.m., EST
Upside Breakout Eroding
Potential Wyckoff Up-Thrust (reversal)
Measured Move Targets
Starting with the (unmarked) weekly chart of IBB below, we see the current upside breakout.
We’re going to invert the chart and label the ‘resistance’ as ‘support’.
Inverting charts is a technique discovered years ago in a long since forgotten trading text; possibly Dr. Elder’s
The ‘inverting exercise’ is to help eliminate chart bias.
For example: If you see bullish no matter which way you turn the chart … there’s a preconditioned bias that’s affecting decisions.
On to the inverted chart:
What we see above, is a typical Wyckoff spring set-up.
Price action has decisively penetrated support (resistance on the regular chart) and is now eroding.
The distance of the trading range is shown as the dashed line.
Look at the near perfect symmetry.
Putting the range bar at the top of the trading range gives a measured move … right into resistance (support) of the next range.
Price typically moves down, two or three times as fast, as it moves up.
That’s why the professional speculators (throughout trading history) prefer down markets. If there are profits, they show up a lot faster.
Enormous pressure continues to build against the sector. You have to wonder what’s it’s going to take for the big break.
Just out last night, was this report from ZeroHedge. The CDC is having an emergency meeting to discuss ‘heart inflammation’ problems with the injections.
Let’s start there with a ‘safe’ topic and not discuss things like ‘dead within 15-minutes’ of injection.
Or maybe this one: A bloke gets himself injected and nearly kills two people with his truck a few minutes later.
The date on the video is June 11th. People are still getting this thing even with so much adverse reaction (death) information available?
The two narrating have a good point. What happens when a pilot is on final approach in bad weather, when he suddenly goes into an ‘event’.
Charts by StockCharts