Since biotech has been soaring, and I provided an update on IBB/XBI last week, lets take a look at one of the individual stocks: GILD.
Price bottomed almost at the upper end of the ideal price-target zone I had for Primary A -so that’s been a good forecast- and Primary-B is now underway. Let’s see if we can forecast this as accurate as well.!?
The white target zones show the ideal retraces for a b-wave: anywhere from 38.2 to 76.4% of the prior a-wave, with an ideal-ideal of 50 to 61.8%. Thus, it seems price is not there yet and should travel higher to at least the 38.2% retrace at around $86.80. That price level was good support before (support can become resistance): primary IV and major-a lows. Above that and the 50% retrace at around $93.35 is next. This was also prior support. I don’t want to look much higher than those for now; as I hate to suggest moonshots like others do.