Replies to post #296648 on Option Millionaires

[Nolerman]

IBB - Wanted to follow up on why I didn't take IBB long, just needed some sleep first and a break from the markets. Bottom line, the long idea was assuming another test of the top trend line in this bear flag on the chart, which was also based on an assumed Bremain vote. That did not happen and price broke the bear flag to the downside sooner than expected. So now the picture is a price below major volume-by-price band and also below all major moving averages including the 8, 10, 30 SMAs (which is very bullish). A pop next week to $258 could be a shorting opportunity, UNLESS price closes above the 8SMA (then I'll be flat), and a close above the 10EMA would give me a day trade target of the 30SMA. Either way, the broader pattern says 230 is in the cards until it is invalidated with price breaking back into the flag channel. Hope this helps