The IBBs may be setting up for a possible short. The last two times they traded up to $300, back in August and September, they had a meaningful selloff afterwards. They have been testing the $300 level again since the beginning of this month, and they are testing their uptrend line as well.
Trend lines aren't magical or mysterious. They are simply graphical presentations of the supply & demand dynamics that are occurring in a market. Prices are always doing one of three things...going up, going down, or staying the same. A correctly drawn trend line should illustrate this and a violation of these lines could show a change in these dynamics.
Here we see that the forces of demand have been overpowering the forces of supply since early February. The fact that the trend line is being tested illustrates that the forces have now become equalized. This could be the first signal that the forces of supply may be about to take control and that would send the IBBs lower.