No one is looking
The only way for price action to even hope of printing a Fibonacci series (daily chart), is when virtually no one is looking.
A quick YouTube search of “Biotech analysis“, turns up these links:
Those three, are the most recent.
Looking at each, none of them even hint things could go wrong.
To be really cynical (and probably correct), the senior trading professionals may know this sector’s at risk of implosion.
They task junior employees to cover it; attempting to talk it up.
Moving on to inverse fund LABD, we have Fibonacci correlation on two time frames:
In addition, from a Wyckoff standpoint, we’re in spring position on the weekly and daily time frames.
All of this points to high probability (not advice, not a recommendation) that biotech and specifically the weaker SPBIO, has pivoted to the downside (LABD higher).
A couple of days ago, we had Dr. Yeadon (former Chief Scientist, Pfizer) absolutely grilling and eviscerating his interviewers, covered here.
Then, we have Dr. Coleman deciding to name, names.
Now, it’s getting real.
With this type of high-level pressure being applied from internationally known and respected (real) heroes, one has to think, it can’t be long before the lie is fully exposed; blowing the entire sector, wide open.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.