IBB violates horizontal trendline from breakout. Will it result in a failed breakout, thus leading to much downside to come, or will it rally above and beyond to new highs? Of note is IBB's failure to push back above trendline (see arrow) today.
FYI XBI (not pictured---is small cap biotech) faring a bit better than IBB as it hasn't violated breakout trendline yet...