Is Biotech Poised for Upside Continuation?

My near-term work in XBI (SPDR Biotech ETF) argues for one more upleg into new, high territory prior to a significant correction.

I have two constructive scenarios:

 1) an upside thrust from above 77.00-76.80 micro support towards my next target of 82.00-83.00, or

 2) a press into the area of the sharply-rising 2-0 DMA, now at 75.41, prior to the emergence of the anticipated upleg to 82-83.