XBI looks to be completing it's final leg down since this correction began in early-May. on the 5-yr chart has reached levels not seen since the early-Nov 2016 lows. Long-term support in the trading channel is currently being tested, and I expect it to hold and act as a spring board for Wave-3 to new all-time highs by early 2018.
I am long from $68.65. This scenario is nullified if the early April low of $66.00 is broken.
Price found support today at $66.66 which is just above the downside target of $66.42 where a = c.
XBI and BTK beginning minute 3 of minor 3.