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Today marks the 126th Anniversary of the Eiffel Tower.
In honor of this date, I thought I would look at the hottest sector in the states and see what could be found.
IBB on a “Monthly” basis could be creating the largest reversal pattern (bearish wick) in its history. Even if its not #1, its a biggie. This potential reversal pattern is unfolding at a steep rising resistance line as well as its taking place at a long-term Fibonacci extension level. As you can see monthly momentum is at level not seen in the history of IBB.
If you would like to see some other Eiffel Tower patterns in the past and how they played out…CLICK HERE
Since this is a monthly pattern, odds are high it could take awhile to see if this is the mother of all bearish wicks or not.
Remember, hardly any sector on the planet is hotter than Biotech and what takes place here could send a message to a few indices, sectors and stocks!
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Thx for this great question Steve!
I like to apply the Eiffel tower concept to assets that are up a few hundred percent, huge rallies. For sure King Dollar has had one of the biggest 52 week rallies in its history.
This US$ rally is just 20%. So from an Eiffel tower idea, US$ is up little.
Prior Eiffel Towers completed https://www.kimblechartingsolutions.com/wp-content/uploads/2011/08/eiffeltowerpatternsaug23.gif
The only question I have is; Why haven’t you used the Eiffel Tower theory for the US Dollar?