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CastAway Trader Predict the Next Market Move

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SMH - may extend a bit lower to find support in the Demand Zone

We can count SMH in the very same way as we count S&P 500 index. The top made in Feb 2020 looks like the top of wave ( 3 ) up. And this sharp drop looks like subwave ( A ) of wave ( 4 ) down. We can see that SMH is approaching a Green Demand zone located in between 41.4% and 44.1% retracement (100.00 – 96.64 ). This is from where we may see start of an A-B-C up bounce in subwave ( B ) up of wave ( 4 ) down.

SMH - Weekly chart updated at 2-55 PM on 3-16-2020

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