11:39 a.m., EST
Biotech SPBIO, Down Over 21%
Miners GDX, Down Over 25%
As of about 10:50 a.m., EST, this is where we are from a sector standpoint.
The major indices are masking the potential the next leg down, has already started.
Yesterday’s update posted the link for ‘Holiday Turns’.
It’s a list of empirical observation that market tops (reversals) tend to occur during holiday weeks.
The weekly chart of biotech SPBIO (which has been inverted), shows a Fibonacci 21-weeks, from the all time high (low on the chart) to this week’s pivot:
Not only is SPBIO adhering to Fibonacci time prints on the weekly, it’s doing it on the daily as well.
It was a Fibonacci 34 days to complete the 38%, retrace.
It was a Fibonacci 5 days to complete the most recent reversal and test; culminating early this session.
As stated many times, the bottom may fall out of biotech.
Someone or something in the criminal cabal is going to let loose; fully exposing the real intent of the entire operation.
Recall Prechter’s admonition; ‘price leads the news’
If SPBIO reverses at week 21, with a decisive move lower, it may not be long before news precipitates out into the mainstream.
We’re now two-hours into the trading day.
It’s typical for SPBIO, to begin its erosion (discussed here). Let’s see if it can retrace the sharp down move from the early session.