SMH - reached my target and ready for a pullback

My last update on SMH posted on 5 January 2019 was called: “SMH – reached a potential bottom in the target zone”

Based on my analysis I concluded: “Under both scenarios two high probability targets for a move up are 92.30 and 99.50.”.

Last Friday SMH closed at 102.56 delivering whopping 18.6% in 40 days since my bullish call. Back then SMH was at 86.47.

Here SMH hit a strong resistance zone. The ideal scenario would be to get a pullback in wave B of (A) of ( 5 ) to the green target box located in between $91 and $88. If we get that pullback that would be a great entry point to ride a rally in wave C of ( A ) of ( 5 ) targeting $106 – $110.

SMH - 240 min chart updated on 17 February 2019

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