ElliotWaveTrades

SIMO: Recovery To All Time Highs?

Long
NASDAQ:SIMO   Silicon Motion Technology Corporation
3
SIMO has retraced a significant amount of its Wave (iii) upside from its all time high $56.21 in Jul 2016.

Fibonacci: It appears to have bottomed up and rebounded from its 61.8% retracement .
Indicators: Momentum divergence of RSI and MACD is supportive of the analysis.
Look for a conclusive break above the Ending Diagonal for a high confidence trade.
If the expanded FLAT is indeed completed, look for upside northwards of $56.21.

Any break below its ending diagonal low at 37.37 will invalidate this trade and indicate other options.

Comment: Retracement appears to be completed.
Prices are moving in the anticipated direction.
Watch for strong break of trend channel to confirm breakout to near term high at $56.25 and beyond.

Break of Critical Support will invalidate this analysis.

Comment: Prices appeared to have completed Minuette Wave 4.

Watch for a retracement test of the criticial support (Dotted Red).
A successful retracement will result in upward price target of $56.21 onwards.

A break of this critical support will invalidate this trade.
Trade active: Consolidation appears complete.

Trade at your own time and target.
Trade closed: target reached
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