Ultimately, I think we are going to get a prolonged period of sideways volatile action out of IBB for two reasons. First off is the immediate sell off after hitting the upper green . Every time the IBB has touched this it has pulled back to the lower green . Second, I have not seen this type of in IBB in an extremely long time. I do not believe the huge swings from the highs and the lows can sustain neither a breakout or breakdown. At this time I believe it is most logical for IBB to consolidate in a channel for a period of time.
Today's price action is interesting because it backed off as soon as it touched the support line of 2014, a classic example of where support becomes resistance. But we can not ignore the fact that IBB had its highest close in the last few weeks. I think it is 50/50 we see immediate follow through from here to 360-370 or come back to the of 325-335. The higher percentage trade would be to wait for price to come to these sell and buy zones.
**Any strong impulsive moves into and through my stop zones will indicate that IBB has come out of this bounded range and has begun its' new trend. That goes for both breakouts and break downs. The green would then become the targets for the new trend.