SMH has been nicely following the legacy five wave up fractal since December 2018. The top at 106.27 reached on 25 Feb 2019 looks like a top of wave ( iii ) up. And the following decline that bottomed at 99.04 on 8 March 2019 may be counted as the bottom of a corrective wave ( iv ) down. Then this micro rally started off the March 8 lows can be wave ( a ) of ( v ). Then the pullback that started yesterday is a corrective wave ( b ) of ( v ) that may target the green box. But once that pullback gets completed we should get another move to anew higher high in wave ( c ) of ( v ). That final move up to a higher high should complete a larger rally started in December 2018 that is counted as wave A of 5. Off that new top we should get a deeper pullback down in wave B of 5 that may retrace 50%-61.8%-76.4% of the whole rally started in December 2018.