The $IBB Biotech Index is displaying a textbook Pennant pattern. These patterns begin with a straight line run up to the triangle pattern, formed by two converging trendlines. Price in these patterns most often slopes against the prevailing trend and can breakout in any direction, but generally they will follow the trend leading to the pennant, in this case up.
Should price resolve to the upside here, I would look to take profits near $300 at prior resistance from September and August and then reevaluate.
I have my finger on the trigger to buy December $300 calls here at $1.80.