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IBB (Nasdaq Biotechnology ETF): Bullish Setup Watchlist

Reason: Potential Inverted Head & Shoulder with a theoretical target located at 265

IBB Daily Chart
Larger Image

The right shoulder is still under construction but, as it should maintain a time proportionality with the left one, it must be completed by either today or tomorrow

We cannot rule out a bit of more downside action as long as the 200 dma is not breached. Hence today we need to see evidence of a bottom either with a gap down that is closed or an Inside Day candlestick.

The ISH "project" has a measured target located at 265 although bulls will have to reclaime the 50 dma is order to increase the odds to fulfill the target.

 

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