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HarrisonFjord33

XBI: Break-down or bear trap?

Long
SPDR Series Trust SPDR S&P Biotech ETF (AMEX:XBI)  
HarrisonFjord33 Updated   
AMEX:XBI   SPDR Series Trust SPDR S&P Biotech ETF
4
0
snapshot

XBI looks to be completing it's final leg down since this correction began in early-May. RSI on the 5-yr chart has reached levels not seen since the early-Nov 2016 lows. Long-term support in the RSI trading channel is currently being tested, and I expect it to hold and act as a spring board for Wave-3 to new all-time highs by early 2018.

I am long from $68.65. This scenario is nullified if the early April low of $66.00 is broken.
Comment:
snapshot

Price found support today at $66.66 which is just above the downside target of $66.42 where a = c.

 
Comment:
correction on the IBB count. I have it provisionally beginning minute 1 of minor 3.

XBI and BTK beginning minute 3 of minor 3.
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