SMH-4-30-19
SMH - is closing a gap down in a corrective a-b-c up structure
SMH got rejected by the RED Target Box. Then it dropped leaving behind an unfilled gap down. I count that drop as subwave a implying that it will continue decline after corrective wave b up. The grinding move higher we are witnessing now looks like that expected corrective subwave b up. It has filled the gap down by this time. That means it can start another stronger drop in subwave c down any moment.
SMH - 240 min chart updated on 4/30/2019
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