The more 52 week lows get tested, the higher likely hood they get taken out. Yesterday's backtest of the gap resistance was textbook and a nice opportunity to take on a short position. Market is tired and looks ripe for a longer lasting correction soon. Triangle breakdown in EXEL is about as bearish a chart as one will find.
New lows on deck..only a matter of "when", not "if". Charts are clear. Wind is at back (for now). Once 52 week lows are broken, market cap can fall to 500/600mm imo. Quite a nice drop from these elevated levels.