White-hot biotech received a punch in the face between March 1 and April 15, losing 20% of its value. Since mid April, iShares Nasdaq Biotech (NASDAQ:IBB) has been attempting to recover from that decline. The rally over the past two months has recovered all but 23% of that swift decline.
IBB is now attempting to punch its was back into its steep rising channel and above the 23% Fibonacci retracement level at (1) above.
Should IBB succeed and climb back into its rising channel, it would be a positive bullish accomplishment for this sector.