[IBB] bounce is likely over.

The backlink chart:



Current snapshot is below.  While you would never know it from the DJIA, the S+P500 and the $COMPX, fear has not been abandoned by the market because one of my fear gauges, IBB, is not recovering to the old highs like everyone else.

It will not surprise me to find that our central bank is buying futures on DJIA, S+P and $COMPX in order to stop them from plummeting.  Don't laugh, other central banks around the world are admitting that they are doing just that.  In China they have overtly enslaved the people and so they don't even bother with the lies. They just tell the people that government is propping up the markets using what is supposedly the people's wealth.  Well, most people in China do not have stock accounts and so this is a clear wealth transfer from poor suckers to rich elite, the kind that is only generally tolerated in nations where the working class has been disarmed.

This leveraged prop job which I think is probably happening in the US, is why individual stocks are falling and non headline stocks are falling and commodity stocks are falling but not the indices.  If I am right about this then at some point we will see a very rapid fall.  At some point, government will just give up on the pump and then let their buddies clean up on the dump.

In any case, if IBB were going to break back out then I think they should likely have done it during the 3rd wave up off the bottom and since they could not, I'll count that as a C wave that kissed the 50 fib from below and is now going to head much lower.  The cover trigger for this short play is of course a break back above the blue resistance line.