As a follow-up to my analysis on the biotech sector in the recently posted video, XBI is wedging higher on the 60-minute time frame with negative divergences in place. My expectation is for a reversal & drop down to the 85.50ish support and/or uptrend line followed by a bounce & then another leg down to the 82.75 support level.
XBI 60-minute Oct 5th
Unofficial trade idea at this time although I might add it as an official swing trade if we some of the potential bearish developments that were covered in the video start to materialize. Until then, we just don’t have any high-probability sell signal & the trend remains bullish at this time.