The BIS trade (ultra-short biotechnology sector ETF), with which we had success inside the 12631 Trading Service earlier this year, is appealing once again.
The IBB, sector ETF for biotechs, is flashing a double peak pattern on the weekly chart after a steep multi-year bull run. I do not see too many traders eager to call for a double-top here, and understandably so given how many bear traps we have seen in recent years.
Still, this most recent peak has a clear negative divergence versus the prior one, in terms of the RSI weekly.
A break below $250 here likely seems me testing out the short side again.
_________________________________________________________________________
Nice H&S on the second top as well. Neckline right around your $250 level.
Legendary show
i remember i used to see Twin Peaks