The correction looks to be over. c=a, 61.8% retracement, triangle measure and RSI getting into overbought territory.

IBB is doing as expected. $245-$250 is the ideal range. Watch the RSI for lack of anything better. Do exit long positions once we get there sometime in the next few days.

Biotech is doing as expected. The corrective (wave 2) is not yet over. A reasonable target would be about  $245 where wave 4 of 3 on the way down was and /or the 62% retracement level is. Then we should move down in a wave 3 which should take this iShare down towards roughly $125.

Last month, Febr. 18th we warned that given the vertical rise in this ETF it might be advisable to get out. It actually peaked a week later. Here are the charts, then and now;

So far it has dropped $68 in less than a month, on $274 that is just shy of 25%. We have no idea what the count down is, just as we did not have one on the way up. It is too messy and looks a lot like Don Cox’s cascading waterfalls. Whatever it is, it is probable not over. Closer to $200 you may try your hand at a quick long trade for a 30+% rebound, but do not outstay your welcome. This one should go a lot lower over time.