This is a very long-term view of SMH. You can see the FIB that is in play which is anchored at $41 in December of 2018. We ran up all the way to just about $160 in December of 2021. We had a hard pullback to $84 and did a fast turn around, again to $160, in July of 2023.
We retraced almost perfectly to the 50% of that move to $136 and we are now in the uptrend of that move, which we hit that .272 extension of at $166.
We pulled back and are now heading for the 272 extension at $190, anchored way back in 2018. We may get there pretty quick and I would not be surprised if we peak out over the top of the channel to do it.
What do you think?
We retraced almost perfectly to the 50% of that move to $136 and we are now in the uptrend of that move, which we hit that .272 extension of at $166.
We pulled back and are now heading for the 272 extension at $190, anchored way back in 2018. We may get there pretty quick and I would not be surprised if we peak out over the top of the channel to do it.
What do you think?
Comment:
So far, this is going well. Ascending wedge is now a channel but working all the same.
Comment:
I had adjusted my targets based on newer fibs/ trendlines and closed this trade at $189
Comment:
well look at that. we perfectly nailed the extension at $191