Semiconductors - one more low in semiconductors would be a great LONG setup

SMH is a concentrated, predominantly US-based ETF of mega-cap semiconductors companies. It only holds US-listed companies SMH allocates about 1/3 of its portfolio to Intel and Taiwan Semiconductor. 

In my last update date 11 November 2018 I highlighted a green target box for the move down off the top in March 2018.

The first target was 80.60 and the green box was placed in between of 77.76 and 75.46

SMH - Weekly chart updated on 11 November 2018

This morning SMH has tagged 80.71 just 10 cents away from my first target. This whole decline off the top looks now like a nice corrective A-B-C move. The micro structure of the final wave C down may need one more move down to a lower low. And this micro count perfectly confirms the location of my target green box. It is placed in between 78.08 and 73.66

SMH - Weekly chart updated on 26 December 2018

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