XBI biotech ETF EW count options
Sharing an intermediate view of the EW count options for XBI.
The short-term bullish range is $97-$98.
The short-term bearish target ranges are $89 - $88.50 and $87.
The bearish count, in red, drops the price to 81ish as first support. If, $81 range does not hold, $72 is the C wave target.
In the meantime, I anticipate a lot of chop in the range from $86 - $100 in the next couple months until a rate cut occurs.
As speculation of a rate cut increases, the price can begin to gravitate toward $104. When an interest rate cut is proposed, XBI will blast to the 140s but I am reserved about this outcome at this time.
The short-term bullish range is $97-$98.
The short-term bearish target ranges are $89 - $88.50 and $87.
The bearish count, in red, drops the price to 81ish as first support. If, $81 range does not hold, $72 is the C wave target.
In the meantime, I anticipate a lot of chop in the range from $86 - $100 in the next couple months until a rate cut occurs.
As speculation of a rate cut increases, the price can begin to gravitate toward $104. When an interest rate cut is proposed, XBI will blast to the 140s but I am reserved about this outcome at this time.
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