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Chart of the Day - Nasdaq and Biotech


 -- Published: Friday, 5 August 2016 | Print  | Disqus 

By Gary Savage

There should be enough time in this daily cycle for the Nasdaq to complete a full test of the all-time highs at 5231 before the next drop down into a daily cycle low. Again, let me stress not to read anything into the impending correction. It’s just going to be a run of the mill correction. They tend to happen like clockwork about every 35-45 days.

For those clueless souls who assured me I was wrong about biotech, we have a very powerful bottoming pattern in play. Very similar to what happened in miners many months ago. The possible T-1 pattern target is around 305-310 before the biotech sector corrects along with the stock market. Then you will get another chance to buy. I suggest you don’t blow it a second time.

Nasdaq and Biotech

http://blog.smartmoneytrackerpremium.com/


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 -- Published: Friday, 5 August 2016 | E-Mail  | Print  | Source: GoldSeek.com

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