IBB, the ETF for biotechnology, is in overall decisive mode but knocking at levels that can help decipher bias.  The Day chart shows price has been attempting to retrace the green Bullish Gartley and so far has a respectable yet shallow retracement at 301.20 target.  An emerging brown Bearish Gartley is encouraging the Retrace Mode to pull higher.

The initial levels to break and hold beyond (with conviction) is above 301.44 or below 284.16.  An upside break has 321.65 PRZ target but will run into some resistance at 301.8.  Keep eye on HSI & RSI, the HSI is currently breaching below its midpoint, watch of there’s a higher low if makes it to the OverSold region.  The RSI is Overbought so watch if it pulls back to hold or not at its midpoint while price is testing the 284.16 to 279.7 region.  This will offer holding clues.

The opposing scenario is either dreamed of Retrace Mode target of 400.79, note the brown Crab completion correlates with that scenario, OR a breakdown of the Gartley PRZ to seek the extended target, that I call a Garfly but because it’s utilizing the Gartley B point but Butterfly D point.

IBB Day Chart

For an intraday perspective, I’m looking at STRange 50 bar chart, here we see price is stuck inside a GRZ  so where price can break and hold beyond this zone offers initial directional targets.  An upside break of 289.87 has the ideal target at 301.62 for a Crab PRZ, this will bring price to the Day chart’s resistance level 301.26 as shown on this chart as a red dotted line.  Of course there are two PRZ’s in route to that ideal target as shown by the green zones, so these are scaling point targets as well as obstacles for the ideal target.

A downside break of 287.10 has 2582.61 target, this will help price retest the Day chart’s level of 284.16 (green dotted line).  Should buyers fail to hold above 282.61, there’s convergence at 271.89 for an emerging Bat as shown from the HPCollection indicator as well as an ABCD 161.8% target.

IBB 50 STRange chart

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