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.
Like this idea. However "very volatile" to trade ! From today's short term 1 % gain, entry to the short side can be difficult. Artificial Intelligence play in chips is driving the bullish fevor. However,Longer term, "Short SOX" could prove to be big money contrary play. Thank you for the post.