Nasdaq iShares Biotechnology ETF – IBB (1D) Elliott Wave Technical Analysis
Daily Chart
Function: Major Trend
Mode: Motive
Structure: Triangle
Position: Wave 1 of [5]
Direction: Uptrend
Details:

The wave [4] triangle in IBB is complete, signaling a major buying opportunity.

The following move is an impulsive post-triangle thrust, often very strong.

Currently, wave 1 of [5] is underway, expected to complete near the $150 level before wave 2 begins.

The clearest confirmation will occur at $142.80.

Invalidation Level: $107.43

Nasdaq iShares Biotechnology ETF – IBB (4H) Elliott Wave Technical Analysis
Hourly Chart
Function: Major Trend
Mode: Motive
Structure: Impulse
Position: Wave [ii]
Direction: Minor Correction
Details:

The current decline is only a brief pause within a major rally.

Wave [ii] is retracing the leading diagonal wave [i] as an expanded flat structure.

Afterward, the next move is expected to be an impulsive rally towards $142.80.

The $125 level offers a favorable buying opportunity, with $107.43 as the stop-loss level.

The $117 mark serves as key support.

Invalidation Level: $107.43

Conclusion
The summary of the Elliott Wave analysis for IBB is:

The rally is young and poised for a significant extension, representing a post-triangle thrust.

Price action is expected to retrace the entire triangle formation and possibly move far beyond.

$125 is considered an excellent buying area, with $107.43 as the risk management stop-loss.

This setup provides a compelling buying opportunity, particularly for ETF investors.

Traders must adhere to Elliott Wave rules and closely monitor invalidation levels to mitigate unnecessary losses.

Technical Analyst: Simon Brooks

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