8:39 a.m., EST
SPBIO, pivots at Fibonacci Day 89
LABD inverse fund (3X inverse SPBIO), marked with time pivots and potential channel.
The plus or minus one-day on the Fibonacci counts, is well within acceptable limits.
There’s been so much focus on biotech because of the opportunity.
Trading congestion equals directional potential.
A good way to show that (downside) potential, is with the P&F chart of biotech IBB, below:
The initial projection targets the 120-area which is below the support levels at, 143 – 145. If penetrated, those support levels would likely become resistance to any upward retrace.
We’re about an hour to go before the regular open. LABD is trading flat to slightly higher.
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