After breaking and violating my previous setup on 
IBB, the selling action we've seen on expiration date could mean that options traders finally think IBB has reached too far.
When this selling action comes with a daily bearish AB=CD pattern, it becomes interesting.
If indeed we will see a pullback, the first point of interest will be the meeting point with the broken trading channel shown in the chart. That will be the test point for the bulls - They can either confirm the breakout by buying at this level, or fail to hold against selling pressure and the breakout will turn into a false one, signaling the bears to keep on pounding a very overbought market.
I'm with the bearish AB=CD pattern, meaning - short.
IBB, the selling action we've seen on expiration date could mean that options traders finally think IBB has reached too far. When this selling action comes with a daily bearish AB=CD pattern, it becomes interesting.
If indeed we will see a pullback, the first point of interest will be the meeting point with the broken trading channel shown in the chart. That will be the test point for the bulls - They can either confirm the breakout by buying at this level, or fail to hold against selling pressure and the breakout will turn into a false one, signaling the bears to keep on pounding a very overbought market.
I'm with the bearish AB=CD pattern, meaning - short.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.