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.”
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 ).”