Upon further review of the charts, I have decided to close the LABU short trade for an 85.3% gain. LABU (3x bullish biotech ETF) was entered around 39.50 in this post back on August 7th and is current trading around 5.84. I've decided to close the trade as the biotech sector is currently at the top of a key support zone on both the daily & weekly time frames, while also at rarely, if ever, seen oversold levels on the weekly time frame. As such, the R/R no longer warrants remaining short. (note: I use the charts of the non-leveraged ETFs for timing entries & exits when trading leveraged ETFs, as the decay from the leverage effective renders those charts useless when trading off anything but the intraday time frames).
While I do believe that the biotech sector has more downside over time, the odds for a bounce off this support zone are high enough that I'm watching for a possibly long entry for a bounce trade or possible swing trade in the biotechs. Longer-term traders that took the LABU short & plan to ride out any counter-trend rallies should at least consider lowering stops at this point. LABU will now be moved to the Completed Trades category.