Reversal, Finally Here
The good news for the bears and the shorts; this morning’s action was probably the final push higher for biotech SPBIO.
The bad news; if that’s the case (a reversal) and the right-side trend-line has been verified, it could be the very beginning stages of a massive collapse.
It’s about midway through the day’s session. The leveraged inverse fund LABD, is printing a repeating characteristic that identifies a reversal.
Biotech SPBIO 3X Leveraged Inverse LABD, Hourly
This is how it looks around 12:50 p.m., EST with no mark-up.
Next, we’re going to zoom in on two areas of interest. A previous reversal and the apparent reversal in progress.
The price action is near identical.
First a false reversal that’s followed by the real one. That’s where we are now with today’s action.
A follow-up post using the weekly time frame is due out before the session open tomorrow.
All short positions remain active (not advice, not a recommendation).
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