If Nobody’s Doing It …

The Fibonacci count may be something, it may be nothing.

However, if nobody’s doing it, then probabilities for success could increase.

We’ll find out soon enough, maybe tomorrow.

The set-up criteria for biotech are here, here and here.

Now, biotech is at The Danger Point®, where risk of being wrong on a short position, is least (not advice, not a recommendation).

Biotech XBI, ETF, Daily

From the beginning of the potential trading channel, to the XBI high this past Monday, is a Fibonacci 89 (+1) Days.

Note, there were three days in succession, July 17 – 19, 2023, at essentially the same high; indicating the Fib count (at 11/20/23) could be 89(+1), 89, or 89(-1).

The channel lines are self-explanatory; note the symmetry.

Positioning

As noted previously, there’s an open short, LABD-23-13, with Hard Stop @ LABD 18.40, yesterday’s session low (not advice, not a recommendation).

The stop is tight (similar to this trade), so we’ll see.

Happy Thanksgiving Everyone. 🙂

Stay Tuned

Charts by StockCharts

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.

The Danger Point®, trade mark: No. 6,505,279