Nasdaq and Biotech

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.

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Gary Savage
The Smart Money Tracker

Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.

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