warrenbudget
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Biotech symmetry. Let the market settle down, and then go long.

NYSE:BTK   NYSE ARCA BIOTECHNOLOGY INDE
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The biotech sector is really interesting when you dive down into the symmetry of the last few cycles. Early 2000s-2008 and 2016-2018 are mini rallies within the bigger wedge . If this pattern is to continues, you can look for entry around the end of 2020 when we bump up against the larger support line (around $3600), and expect to hit the resistance of the larger wedge ($10,000). There is also a lot of confluence around the $7500 mark so we could fall back to that after hitting 10k. This would repeat this pattern for the third time.

Near term, I have some shorts in this sector because I think many of this small biotech companies have been operating at negative cash flow with a ton of free credit. I don't expect massive gains on these shorts, but I will certainly be going long towards the end of 2020.
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