XBI Acts Well, But The Pattern Argues for Upside Acceleration Much Sooner than Later

The weakness in SPDR S&P Biotech ETF (XBI) from its Apr 7 high at 58.38 into the Apr 12 low at 53.42, followed by an upside pivot reversal into today's high at 57.04 has the right look of a classic "retest of a prior upside breakout plateau" and a resumption of the underlying potential off of a base formation.

In this case, as long as XBI remains north of 53.42 support, the price structure continues to point higher-- towards my optimal upside target zone in the vicinity of 60.00 to 62.00.

Given the juxtaposition of my near-term momentum work with the rising price action, XBI should accelerate to the upside in the hours directly ahead.

If it fails to do so, I will be tightening my protective stops.