There's nothing I like more than spotting similar patterns when looking at charts. History does tend to repeat itself. So what we can see here is a pretty standard MACD divergence forming right now, and what looks like a copy paste of what happened a few months back. I'm short until the bottom trendline. Weekly chart not looking good either, but we'll look at that Friday. We could see a pretty "YUGE" correction next week for XBI.
Note
Fell pretty quick today. We'll probably see some continuation early on followed with strong buying mid day (tomorrow). But overall picture is looking very bearish. We are oversold on the 4H chart and hourly so I plan on swinging the upside tomorrow but will keep my core short as I expect more red next week.Note
One of the easiest shorts this year. Everything that should have happened did. No reason to close positions yet.Trade closed: target reached
Time to close up here. Might consider going long for a week or so.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.