If there’s one sector that has the potential to essentially go straight down, it’s Biotech.
Some months ago, David Stockman analyzed the sector and summed it all up in two words: “bottled air”.
From the chart we see that IBB has retraced 38% of the prior move (culminating in an up-thrust during March of this year) while at the same time, continuing to post Fibonacci time relationships.
If the Fibonacci time relationship continues, there may be a low occurring some time in April of next year.
Where that low may occur, may be noted on a later chart with projected values.