‘Respecting’ Fibonacci … So Far
Before we get started, biotech may have decisively turned the corner to the downside with this, just out … maybe.
‘Zero Respect For Thieves’
Before we get started, with getting started, a brief mention on thievery.
Years ago, Dr. Elder stated he had ‘zero respect for thieves’; those who had stolen his book tile, ‘Trading For A Living’, in various forms.
When you have limited skills and even less insight, thievery is the only way to go … that is, until you’re found-out.
Turns out, the analysis of silver SLV, posted on this site (here and here) nearly two weeks ago, specifically the presence of SLV volume ‘spikes’ at inflection points, may have been ‘lifted’ without citation by a prominent YouTuber (who will not be named … yet).
It may have been just a coincidence. If so, all is well. However, a ‘second time’, not so much. So, let’s all play ‘nice’ shall we? 🙂
Now, on to biotech.
Biotech, XBI, Daily
This update is being released just before the open. It looks like XBI, is about gap-lower.
We see in the chart, XBI, is respecting the Fibonacci projections.
As with the recent oil market analysis and USO, (here and here) we let the market decide what areas are important.
In the case of XBI, and unless significant demand comes in, lower prices appear to be the most probable direction (not advice, not a recommendation).
Stay Tuned
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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
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