With today's morning fiasco, XBI wicked down and touched the 100M Moving Average where we last bounced on March 2020. Volume is climaxing with hidden divergence on the RSI. This is the largest correction XBI has ever had its history currently down ~50% from all time highs.
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Boring PA just trading within the same FIB band. However, if XBI closes a week above ☝️ the fib band, small caps in biotech will fly 🚀
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Hidden Daily Bearish Divergence playing out. Looking to see what happens at $85-$86.
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XBI got clobbered, it did close above the 1.618 fib at $75 with a daily hammer. It's not a coincidence that XBI is down 60% from ATH and Big Pharma companies have 1.7 Trillion Dollars to spend on Merger and Acquisitions.
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Wowza's XBI fell off a cliff. Weekly/Monthly RSI both oversold with a dragonfly doji on the weekly. I'm still holding on as an oversold bounce should be coming. Lesson learned if I'm bearish on indices, don't bother hedging. Biotech turned out to be the worst possible hedge imaginable!