Interesting 60 min look here for the IBB.. after a several month run up (which looks like to be in itself a larger frame corrective B wave to a multi-year run up), price completed a beautiful proportionate AB=CD. However in order for this bounce to prove it's the next impulsive leg up instead of being a countertrend to the larger frame C downward continuation, it would need to capture the 60 min swing high C (blue line). I think we see continued downward price action as price is currently at a road block from multiple internal retracements (A-D + C-D) as well as an alternate price projection of the B-C swing. Weekly/daily MACD remain bearish, with weekly stochastics rolling over and daily stochastics oversold. Using 60 min MACD crosses as the only actionable momentum signal on that time frame, we need to see a bearish cross for a short trade entry.