I've started to mock up the charts of some of the largest components in the biotech sector which show my reasoning for closing the remainder of my biotech shorts & reversing to a long position in the sector shortly after the open today. As it takes quite a bit of time to annotate & upload each chart, with numerous stocks on various time periods to cover, let me just say that my current plan is to only trade a relatively brief bounce that could last as little as a few hours or extend as long as a few weeks but most likely several days. It's just too early to tell if the market is going to take that next big thrust lower here very soon (still very possible), after a mutli-day/week rally or possibly not for many months (doubtful although a possibility nonetheless).
For aggressive traders looking to position for a counter-trend bounce in the biotech sector, you could keep it simple by going long any of the biotech sector ETFs such as LABU (3x long), BIB (2x long), IBB, PBE, XBI or BBH (1x long). Once could even short the leverage short biotech etfs (LABD or BIS) if planning to hold the position for several weeks or more. I'll share some bounce targets & charts asap but just wanted to get these ideas out there asap for anyone interested.