Nasdaq iShares Biotechnology ETF (IBB) - Tradinglounge Weekly Chart
Nasdaq iShares Biotechnology IBB Weekly Chart Analysis
IBB ETF Elliott Wave Technical Analysis
Function: Major Trend
Mode: Motive
Structure: Triangle
Position: Wave [4]
Direction: Uptrend
Details: The Elliott Wave analysis for the IBB Weekly Chart shows that wave [4] has completed its triangle pattern, signaling a major bullish opportunity for investors.
Following the triangle, a strong post-triangle thrust is unfolding, typically characterized by impulsive price action.
Currently, wave (1) of [5] is in progress, with an initial Elliott Wave target near $150 before a corrective wave (2) pullback occurs.
The confirmation level for this bullish forecast is set at $142.80.
Invalidation Level: $107.43
Nasdaq iShares Biotechnology ETF (IBB) - Tradinglounge Daily Chart
Nasdaq iShares Biotechnology IBB Weekly Chart Analysis
IBB Elliott Wave Technical Analysis
Function: Major Trend
Mode: Motive
Structure: Impulse
Position: Wave [ii]
Direction: Minor Decline
Details: The IBB Daily Chart Elliott Wave view suggests the current decline is part of a corrective wave [ii] within a broader bullish trend.
Wave [ii] may retrace a notable portion of the previous leading diagonal structure but should maintain the overall bullish Elliott Wave setup.
Upon completion, a strong impulsive move toward $142.80 is expected.
Invalidation Level: $107.43
Technical Analyst: Simon Brooks
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Conclusion
- The ongoing Elliott Wave rally in IBB appears to be in its early phase, with significant upside potential due to the post-triangle thrust pattern.
- IBB is likely to retrace and exceed the full height of the previous triangle formation, offering a prime buying opportunity for ETF traders and investors.
- Monitoring the Elliott Wave structure and adhering to the $107.43 invalidation level will be critical for effective risk management.