Nasdaq iShares Biotechnology ETF (IBB) Elliott Wave analysis [Video]
IBB weekly chart – Elliott Wave technical analysis
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Function: Major Trend.
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Mode: Motive.
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Structure: Triangle.
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Position: Wave [4].
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Direction: Uptrend.
Details:
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The wave [4] triangle in IBB appears completed, signaling a major buying opportunity.
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Following the triangle, a post-triangle thrust is developing, typically marked by strong impulsive behavior.
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We are currently in wave (1) of [5], aiming for an initial target around $150 before wave (2) correction begins.
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A clear confirmation level for this outlook lies at $142.80.
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Invalidation level: $107.43.
Details:
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The current decline is considered a temporary pause within a larger rally.
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Wave [ii] may retrace a significant part of the leading diagonal but is not expected to invalidate the bullish setup.
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After completion, the next move is forecasted to be impulsive toward $142.80.
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Invalidation level: $107.43
Conclusion
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The ongoing rally in IBB is in its early stages and is likely to be extensive, given the nature of a post-triangle thrust.
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IBB is expected to retrace the full triangle and potentially surpass it.
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This setup represents an excellent buying opportunity for ETF investors.
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Traders should closely monitor Elliott Wave structures and respect invalidation levels to manage risk effectively.
Nasdaq iShares Biotechnology ETF (IBB) Elliott Wave analysis [Video]
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