XBI: The bear's been shot
And I hope you all have fresh felts hanging from your walls. Recall 3 weeks ago I shared a long strategy from $68.50. XBI found critical medium-term support at $66.66 and is up 20% since the 5/31 low.
For wave counters, we are ostensibly in minute-3, of micro-3, of intermediate-3 of primary wave-5. After consolidating and forming a base from late March - early June, XBI broke-out and is a solid long > $73.20.
However, short-term, XBI is testing the upper trading channel and faces significant overhead resistance at $80.50. I'm looking to buy any pull-back between $75-77 and do not expect it trade under $73 in the short to medium term.
Short-term: may have topped, consolidation into support
Medium-term: min. price target of $88.49 into fall
Long-term: min. price target of $93.68 into early 2018
For wave counters, we are ostensibly in minute-3, of micro-3, of intermediate-3 of primary wave-5. After consolidating and forming a base from late March - early June, XBI broke-out and is a solid long > $73.20.
However, short-term, XBI is testing the upper trading channel and faces significant overhead resistance at $80.50. I'm looking to buy any pull-back between $75-77 and do not expect it trade under $73 in the short to medium term.
Short-term: may have topped, consolidation into support
Medium-term: min. price target of $88.49 into fall
Long-term: min. price target of $93.68 into early 2018
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