We are seeing organized accumulation at the 50% retracement
which mean the overall trend for IBB
remains intact and bullish
. Failure to hold the 50% threshold would suggest that prices could breakdown to $200. In the meantime demand is contracting on this smaller timeframe rally. This will likely result in a re-test and confirmation of this level following any potential break. If a re-test happens on light volume
this is an ideal long entry. If the re-test is on greater than average selling volume
watch out below.