Every day I compose and publish a list at www.mikesinibaldi.com of S&P 500 stocks that have the greatest percentage increase above their average volume in the past 30 days or that exhibit gaping characteristics within elliott wave patterns. Usually, these traits are a sign that institutions may be buying or selling stock and make a great list of stocks to watch for further investigation.
Today I'd like to show you how to effectively use those scans with a most recent bullish candidate.
Click here for details.
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Showing posts with label Stocks. Show all posts
Showing posts with label Stocks. Show all posts
Tuesday, August 13, 2013
Wednesday, September 7, 2011
Chart of the Day: XBI
A Bearish Warning
The stock market has fallen hard since May 3, 2011. Most sectors and stocks never escape the claws of a bear market. Today's chart of the day is ticker symbol $XBI , the S&P Biotech ETF. The chart, in my opinion, provides a warning that the resumption of the bear trend is underway in the Biotech sector. It also clearly illustrates an ongoing five wave sequence.
At the weekly chart level, XBI completed cycle w.b at $75.93 and fell hard along with the broader market. To date, three waves have been completed, possibly four if w.(4) doesn't turn into a complex pattern.
If the interpretation is correct, and w.(4) is complete, then price should make a new low to where w.(5) = .618 w.{(1)-(3)} at $51.32 to complete w.1 circle.
As the wave pattern and count suggests, a long term bearish view of this ETF would be appropriate that eventually draws price well below w.a ($42.95).
I'll be making periodical updates to this post for those readers who are interested in following along.
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