[IBB] has peaked IMO

Some time ago I named IBB as a ticker to watch in terms of fear monitoring.  The reason for this view is that IBB is the biotech ETF.   Biotech is so new that investors imagine the world is all possible tomorrow just like they did when silicon and computer tech was all the rage 20 years ago.  Because of this fearless attitude about blue skies forever, high tech (and biotech might even be thought of as "higher tech") gets bid up when times are good only for mass realization when times are falling that unrealized promise does not really command a PE of a fazillion forever.

So I have been watching for topping signs in IBB and I thought I might have had something in the backlink but now I see that what I thought was a simple backtest was actually a lukewarm wave 5 forming.  While I did go for the Porky Pig picture this time, it is possible that this is really only 5 of 3 and that a pullback to the $328 range will usher in a higher high.

Then again, this could turn into a mania chart because I suspect that many of its holdings struggle to make any profit.  In any case, if IBB is rolling over then don't move too far away from UVXY because during complacency UVXY got pounded but when fear strikes the heart of the investment community there will be a stampede to buy crash insurance.  Not if but when.