Biotech Channel Held 7/21/2020

This is XBI at the 4 hour view. It seems that my biotech channel was a success. XBI tried to gap above the top of the channel. However, whenever the price goes above the long-term channel, it tends to get hammered right back in.

This may provide some safer short opportunities under these conditions.

1) XBI is at the top or above the top of the channel.
2) VIX is about found support.
3) After the hype of some vaccine news.