Looking ahead, in the years through 2024, spending growth is projected to average 5.8% and peak at 6.3% in 2020.

Additionally, the actuaries calculated that around 8.4 million Americans became insured in 2014 and noted their increased use of medical services. The number of people on Medicaid is projected to increase to 78.1 million by 2024, outstripping Medicare, which is expected to have 70.3 million enrolled. [Healthcare ETFs: Specialized Drugs in Greater Demand]

“If our main scenario is correct, with the Biotech Sector ETF in the process of making a large five-wave move downward, then a fourth-wave correction should not exceed the August low, which represented wave (i) of the five-wave sequence. On the other hand, if price exceeds that level of 59.86 on a bounce, it would imply that a larger upward pattern might be forming,” according to See It Market.

SPDR S&P Biotech ETF