Possible turning point for Biotech
IBB (Bio Tech ETF) had been on down turn since the last hurrah in July.
It has been doing a beautiful correction A B C waves - currently at the end of wave (c) of C.
Wave A is a double 0.5 X 1 move of the Gann Box
Wave B is a 1.272 X 0.5 of the first Gann box.
Wave C so far has been a 0.5 X 0.766 (although it might end up at 0.618 and 0.886 or 1)
This movements are a perfect sample of alternating deep move short time - and shallow move long time ( A concept that I learn from Andrew Long).
And since the move align perfectly to Fibonacci lines - I am giving my salut to one of the greatest mind in technical analysis WD Gann - GANN ROCKS.
The price is in the middle of the side-way move after a hammer candle.
While yesterday hammer might be the end if wave (c), it might still have some down waves. moving from the current position or going to the targets at 244 or 207 before turning up.
A confirmation that the end of wave (c) is taken is needed before entering LONG
Target entry is a fib above the end points.
Potential target exit is on the green circles.
Since this is my first posting, I would like to thank these people always patient to answer my questions and encourage me to do my first posting - BM from WallStScalper, DaftSimon, and MikeSer .
Last but not least, my utmost appreciation to my mentor - the amazing - Andrew Long from triggers.ca who teaches me the HPTZ Method that I use to make this chart.
It has been doing a beautiful correction A B C waves - currently at the end of wave (c) of C.
Wave A is a double 0.5 X 1 move of the Gann Box
Wave B is a 1.272 X 0.5 of the first Gann box.
Wave C so far has been a 0.5 X 0.766 (although it might end up at 0.618 and 0.886 or 1)
This movements are a perfect sample of alternating deep move short time - and shallow move long time ( A concept that I learn from Andrew Long).
And since the move align perfectly to Fibonacci lines - I am giving my salut to one of the greatest mind in technical analysis WD Gann - GANN ROCKS.
The price is in the middle of the side-way move after a hammer candle.
While yesterday hammer might be the end if wave (c), it might still have some down waves. moving from the current position or going to the targets at 244 or 207 before turning up.
A confirmation that the end of wave (c) is taken is needed before entering LONG
Target entry is a fib above the end points.
Potential target exit is on the green circles.
Since this is my first posting, I would like to thank these people always patient to answer my questions and encourage me to do my first posting - BM from WallStScalper, DaftSimon, and MikeSer .
Last but not least, my utmost appreciation to my mentor - the amazing - Andrew Long from triggers.ca who teaches me the HPTZ Method that I use to make this chart.
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