Now, What?

Today’s higher action in XBI, closed the gap opened on the 19th.

Technically speaking, for short trade, XBI-25-02, the original stop has not been moved (still at the 8/18th, high).

The expectation from this site’s perspective, we’re in an up-thrust condition that may ultimately resolve itself downward (not advice, not a recommendation).

With that said, we’re about to find out.

Bitoech XBI, Daily Close

At this juncture, downward thrust energy (Force Index) is larger than upward.

After hours, has the XBI, trading slightly higher.

So, we’re at The Danger Point®, where the risk of being wrong on a short position is least (not advice, not a recommendation).

Tomorrow is Fibonacci ‘Day 5’, from the August 18th, high. There could be a slight opening ‘pop’, then reversal.

If not, then time to exit (not advice, not a recommendiaotn).

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