IBB "5-0 Pattern" formation. Bounce from 303 level very likely

IBB reversing from 2.24 AB extension and should find some strong support at 50% retracement of 303. This is potential reversal zone upward for this pattern. It also marks the channel low. If it does not bounce from as per 5-0 pattern. Then it falls super fast to 0.886 retracement. of