ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND

IBB looking to target upside 261.8 extension at 331.

This is my first foray into Elliott Wave counting. Feedback and comments welcome. The move up from 2016 is very choppy and so I believe the correction from 2015 top is ongoing. For the red Y (primary) to end in green 4 (lower degree cycle), Y must be at least 90% of red W. Hence we have a little more upside before we have a major leg down.

Long some IBB calls at the 313 area. Expecting 320 area for the short term target where I will close half my position. Leave the other half to attempt a run up to 329 territory.

IBB is in the B wave of a huge 4th wave correction. The B wave is maturing and we need to watch minor wave 3 vs wave 5 divergence and important fib level of 339 to confirm the wave count.

There is one useful way to determine when a trend is over and that is using a 50% "speedline" of a move. The decline from $400 in $IBB, the IShares Nasdaq Biotechnology Index Fund back in July 2015 and then tumbled 40% to $240 on February 9th, 2016 and later retested $240 on June 27, 2016. The mid-point of that decline is $320 and a line drawn from ...

IBB

NASDAQ:IBB reversing from 2.24 AB extension and should find some strong support at 50% retracement of 303. This is potential reversal zone upward for this pattern. It also marks the channel low. If it does not bounce from as per 5-0 pattern. Then it falls super fast to 0.886 retracement. of

RSI weekly climb, still strong

IBB at .618 retracement ... will add on any strength

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Biotechs have just breaken out nicely. I will be waiting for a pull back for a good R/R entry.

Short $IBB

See how the 50/200 week line became support

Biotech Sector ($IBB) Weekly: Biotech $IBB appears to continue to remain in a channel since beginning of 2016. One may even interpret this as an bearish pennant, but it’s too early too tell as it may get support from the 50 Week moving average and move out of the channel to the upside. RSI appears to support an upward trend in the longer term, but for now, it ...

Hammer Reversal on Daily, Most bullish Candle. Plus volume was a Plus.

breaking support

Right Triangle Bearish, Direction (Down) Prediction Range: 278.97 - 284.56 Prediction Period: 5/17/17 to 6/10/17