SMH - may need another rally to a new high after this pullback

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.

 

SMH - 15 min chart updated on 20 March 2019

Start to Learn Now!

Subscribe to my video course
and learn to predict market moves

Check My Latest Updates!

Get all the updates on one screen
and filter out only symbols you need

Login