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XBI - reaffirm my bearish expectation for a drop to $60 - $50.
XBI is the SPDR® S&P® Biotech ETF seeks to provide investment results that correspond to the performance of the S&P® Biotechnology Select IndustryTM Index.
On November 9th 2018 I posted a mid term bullish outlook: “At this point we should expect a corrective move up in the wave B of ( B )… Once that wave B of ( B ) finds its top we should see the final decline in the wave C of ( B ) making new lows under the lows reached by wave A of ( B ) in October 2018.”
XBI - daily chart updated on 9 November 2018
In the next update posted on 20 February 2019 I provided a bearish outlook: “To complete a large corrective wave ( B ) down off the top reached in June 2018 we should get another impulsive looking drop. This coming drop may stretch to 76.4% or 100% extension of the wave A down that bottomed at 64.38 in December 2018. That green target box would be a great LONG entry because we have a clear stop at 44.16 ( the low of the wave ( 4 ) down ). As soon as that corrective wave ( B ) down finds its bottom over that critical support we should get a nice rally to a new all time high in wave ( C ) of ( 5 ).”
XBI - daily chart updated on 20 February 2019
When I posted the previous update on 20 February 2019 XBI started at $85.30. Today it is traded at $81.50. I reaffirm my bearish expectations of the drop lower under $60 into the Green Target box.
XBI - daily chart updated on 15 June 2019
