XBI update 12/6

XBI: hit the c=a extension to the T and stopped right at the 50% retrace; since then it’s been up. This suggests the low is in. Lot of call buying coming in. We expect it to reach $76 at a minimum that’s where (red) intermediate iii=i and where black (major) 1/a = 3/b (at $78). Since we could be dealing with a large abc instead it’s in that case where ($76-$78) both the intermediate and major c=a extensions overlap and thus it’s a safe and good target to take (Serious!) profits and then let the market decide if it wants to continue up or not.

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