XBI: must say I am getting uncertain about the bullish case for biotech. Everything starts to look too overlapping for my taste imho. If we look at the weekly chart we see price reached the 61.8% of the prior decline, which is standard/typical for a larger (blue) primary B-wave. It also fits with the rather overlapping price pattern since the 2016 February low.
The alternate is the impulse count shown. Price should now be in minor-2 down of intermediate-iii of major-3, possible already in minor-3 up. The only way for me to be more convinced of this count is a break over the -in that case- green) minor-1 high. Until then I remain suspect.