Nasdaq iShares Biotechnology ETF Elliott Wave Analysis - TradingLounge Day Chart

Nasdaq iShares Biotechnology ETF – IBB Daily Chart Analysis 

Nasdaq iShares Biotechnology ETF – IBB Elliott Wave Technical Analysis

Function: Major Trend

Mode: Motive

Structure: Triangle

Position: Wave 1 of [5]

Direction: Uptrend

Details:

• The wave [4] triangle pattern in IBB ETF is now complete, confirming a strong buying opportunity.
• Following this, a powerful impulsive thrust typical after triangles is underway.
• Presently, wave 1 of [5] progresses and is expected to finish close to the $150 price level before a corrective wave 2 begins.
• A clear confirmation of the bullish move will happen once the price surpasses $142.80.

Invalidation Level: $107.43

Nasdaq iShares Biotechnology ETF – IBB Elliott Wave Technical Analysis (4H Chart)

Nasdaq iShares Biotechnology ETF – IBB 4-Hour Hourly Chart Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave [ii]

Direction: Minor Correction

Details:

• The ongoing decline appears as a small correction within a bigger rally structure for IBB ETF.
• Wave [ii] is currently retracing the leading diagonal of wave [i] and is forming an expanded flat.
• After this correction completes, a strong impulsive rally aiming for $142.80 is highly probable.
• A prime buying opportunity lies near $125, with risk management firmly set by a $107.43 stop-loss level.
• $117 acts as an essential support zone during this wave development.

Invalidation Level: $107.43

Technical Analyst: Simon Brooks

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Conclusion

• The summarised Elliott Wave analysis for iShares Biotechnology ETF (IBB) reveals:
• The rally remains in early stages and is ready for a significant post-triangle thrust expansion.
• Price action is expected to fully retrace the triangle formation and could surpass previous highs.
• A buying zone around $125 offers a strong entry point, with $107.43 as a critical stop-loss to manage risks effectively.
• This Elliott Wave setup delivers a robust buying opportunity, particularly appealing for ETF traders and investors.
• Strict adherence to Elliott Wave principles and careful monitoring of invalidation points is crucial for safeguarding trading strategies.