IBB has hit T1 for about a 9% gain from entry so consider booking partial or full profits depending on your trading plan. T3 remains my preferred swing target on this trade although the odds are pretty good for a bounce off the T1 level before the downtrend resumes.
Of course, how far any bounce goes, assume that IBB does bounce, will depend largely on the broad markets. The $SPX has hit the 1365 support level that I discussed in the video last night as well as the QQQ hitting T2 (4 hour chart) just before the close yesterday and now trading above it. Let’s see if the markets can hold these levels and put in a bounce or if they will only prove to be a temporary speed bump en route to the lower targets. IBB daily charts in order as posted below:
