IBB touched close to my 255.69 target AH on Friday. My belief is we have a sector rotation upon us. I anticipate weakness in SPY and a move into beaten up bio's through October.
Last time macd at same level, Px was 397.58 where an open gap remains. It's possible we see some more weakness before the rotation. $234.96 would provide a secondary test to take out the low and S2 + 1.272 fib ext.
Some bullish divergences in momentum, but can argue in a triangle. Regardless, ATR is relatively low and if you look at past precedent, these lows have been accompanied by a move higher.
Px is below developing VA and top end is $374 Lots of gaps open above at some key fib levels.
I have no position, but watching closely. ( Only bio exposure is VRX in full disclosure)
Last time macd at same level, Px was 397.58 where an open gap remains. It's possible we see some more weakness before the rotation. $234.96 would provide a secondary test to take out the low and S2 + 1.272 fib ext.
Some bullish divergences in momentum, but can argue in a triangle. Regardless, ATR is relatively low and if you look at past precedent, these lows have been accompanied by a move higher.
Px is below developing VA and top end is $374 Lots of gaps open above at some key fib levels.
I have no position, but watching closely. ( Only bio exposure is VRX in full disclosure)
