Biotech SPBIO, In A Rally
Ready For Up-Thrust Reversal?
We already have the clue.
Biotech SPBIO, just went into a spring condition and is now in a rally.
From the sage observations of David Weis, we can expect … or at least start to look for, an Up-thrust.
The unmarked daily chart of SPBIO, is below. The charts that follow, show the potential up-thrust area. After that, we have a Fibonacci 23.6%, level added.
Just to add intrigue, September 7th, is 12-days from the August 20th low … well within acceptable range for a Fibonacci 13-Days.
Spring and Up-thrust notations:
Fibonacci retrace level: