IBB tracks the performance of a market-cap-weighted index of biotechnology and pharmaceutical companies listed only on the NASDAQ. It tracks a market-cap-weighted index of NASDAQ-listed biotech companies, while most peer funds use alternative weighting schemes. IBB’s cap-weighting produces a basket that heavily favors large-caps and concentrates exposure in top 10 names: AMGN, GILD, MYL, BIIB, ILMN, REGN, ALXN, BMRN
As long as IBB manages to hold over its critical support at $80 I can see a great setup for another rally to a new all time high.
That corrective wave ( B ) of ( 5 ) may be completed by now or can make another lower low to tag that green demand zone.
If it makes one more low that will make a setup even better because the risk measured as distance to the stop level at $80 will be fairly small in comparison to potential target in 160 – 170 – 180 area.