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SMH - micro count argues for one more push higher
In my previous update posted yesterday I concluded that although SMH had a completed structure of the rally it still could stretch to 160.
Today I am going really micro in order to review the micro structure of this final move down in subwave ( c ) of wave ( v ) up. As you can see below, SMH may extend in the very final push higher in a micro wave v of ( c ) of ( v ) to 160. Off that top I expect semiconductors to start a large A-B-C down correction.
SMH - 15 min chart updated at 12-20 PM on 7-08-2020
In the previous update posted in June I concluded that AMD topped in a large corrective wave B up.
Off the top made at 59.00 on June 10th I expect a large impulsive decline in wave C down.
That decline should have an impulsive structure. We keep watching first micro waves of that upcoming decline.
AMD may stretch higher in subwave -c- of wave -ii- up.
AMD is one of the components of SMH, ETF investing in semiconductors.
SMH, an ETF that represents the whole semiconductors sector, can make one more push higher and AMD may push higher as well but to a lower high.
AMD - 15 min chart updated at 12-20 PM on 7-08-2020
In the previous update posted in June I concluded that INTC topped in a large corrective wave ( B ) up.
Off the top made at 65.11 on June 5th I expect a large impulsive decline in wave ( C ) down.
That decline should have an impulsive structure. We keep watching first squiggles of that upcoming decline.
In alignment with SMH and AMD charts shown above INTC also argues for another push higher to complete a corrective pullback in wave ( b ) up.
After completion of that pullback I expect another decline that may test the Green Demand Zone starting at 51.30.
INTC - 240 min chart updated at 12-25 PM on 7-08-2020
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