SOX Bearish Elliott Wave Pattern

NASDAQ:SOX   Philadelphia Semiconductor Index
Since the 07/31/23 peak SOX has declined in an Elliott Impulse pattern followed by a three wave corrective pattern which is so far a Single Zigzag. In the short-term its possible the rally could continue to the .618 retracement of the 07/31/23 to 08/18/23 decline. If this were to occur it would be a Double Zigzag correction.

After completion of the Zigzag or Double Zigzag there's a high probability of a decline that goes below the bottom made on 08/18/23.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.