IBB has been under accumulation for most of 2016. This is try because both the monthly and weekly vertical bar/candle stick charts are in distribution. In other words this smaller timeframe is in accumulation and upon testing $320 will likely encounter longer timeframe supply and continue to break down and test $240.
We can see selling contract on the re-test of lows followed by an increase in buying demand. Note; however, they buying is contracting into resistance of $290. It is reasonable to anticipate that prices will pullback and test $270 where I suspect strong hands will resume control and push price discovery higher.