As with natural gas, UNG discussed here, IBB is also at a danger point.
Price action penetrated resistance and closed above that resistance; giving the appearance of strength.
The chart shows Fibonacci time correlations. Biotech, IBB appears to have form and time structure.
To use Wyckoff parlance, IBB is in an up-thrust; a potential reversal condition.
It’s true that a weekly time correlation appears to be in effect as well; At least at this juncture. However, it’s price action itself that’s the final arbiter.
If there’s a retrace below support, then a test (form the underside), we’ve got a good indication of reversal
Charts by StockCharts
