Note: This is not an investment advice but my opinion alone. Please feel free to comment
The XBI has been on a downtrend since September and one of the first sector to begin the pull back after all time highs. I am still bullish this segment looking at the charts and the current price action on the 5 year 200 EMA. It looks as though we are in wave 2 based on what seems like an ABC reversal in 2016.
If we break the EMA then we could be headed lower but I see this sector as bullish in this volatile environment.