Stocks of biotech companies have been leading this rally.
On June 22nd I posted a bullish update on XBI forecasting extension of the rally to 118.60 – 124.
Back then XBI was traded at 108.68.
This week, a month later, XBI has finally arrived to my Red Target box. Moreover, the micro structure of the final leg up in subwave C of wave 5 up looks completed.
It still can extend deeper into the box but from this point you should be careful with companies from this sector. If XBI turns down that would put pressure on Nasdaq index.
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