me thinks XBI drops one more time, flush out some longs. and then have a strong reaction bounce followed by consolidation.
will buy LABU on the breakout of that consolidation
well strategy i wrote seems to say buy LABU so opened 1/5 position on LABU
closed LABU yesterday midday and grabbed LABD when XBI made new low. got fished by that false breakout turtlesoup looking thing into grabbing longs. will wait for candle close next time before opening trade
getting there, closed LABD yesterday.
waiting for a corrective wave to form and will buy the next fractal break of the corrective structure either at (a) or (b).
your chart supports my idea that XBI is an wave 2 expanded flat, looking for a double bottom at $66, which should initiate wave 3 to new ALTH over the next 6 months. A break below $66 would be extremely bearish.