$XBI target zone if, IF, risk-off returns

OptionsRising Updated   
AMEX:XBI   SPDR Series Trust SPDR S&P Biotech ETF
On the weekly chart, price seemed to be breaking down from a channel and then reversed course to move higher. If this is a rubberband reaction and risk-off resumes, then this monthly frame shows a 2nd leg down that could move to 62-58.

Alternatively, if risk-on stays the course to continue January's rise, then price moves up to the 20ma, 96-100 area. Watch daily chart to see if price stays over 87-88.
parallel channel on daily frame

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