IBB has the same crash set-up on its 15-minute chart as SPY had on its daily chart roughly half way through the dot-com crash.
The set-up starts with a four alternating touches on a price channel that confirms with a lower low and a breakout through the channel bottom.
Assuming the price reverses at roughly the original blue price channel top, odds are high that two crash waves of roughly equal size will follow. The two crash waves are typically connected by a rip-your-face-off rally back to roughly the top of the original price channel.
IBB is back at the bottom of its long-term rising megaphone (gray on chart below) after the standard right shoulder bounce.
A breakout through the bottom is the set-up to short. The minimum target is the level of the lowest touch on the rising megaphone bottom.
When rising megaphone breakouts fizzle out, it’s usually with a sideways megaphone from the breakout.