SOXL might be overextended & blowing off soon; not yet but soon
Months ago, SOXL came into the radar, and as it broke out, it also failed along with the rest of the markets. There were many clear opportunities on both sides.
SOXL has more than halved its value since its last high. Is it over extended to the downside - yet?
Short of the lack of a higher low, and being way ahead of the curve, SOXL appears to be having a bullish divergence in both the Weekly and Daily charts. Notwithstanding, it is still in a deep downtrend. Just look at the Friday candle, it is a clear and present Dark Cloud Cover, which suggest more downside to follow.
Targeting the next and possibly last downside target is 5.60.
And then it might be time to watch for the price movement to realign to the bullish divergence, if it does when it reaches at that time.
But for now, it is just a heads up...
Stand by!
SOXL has more than halved its value since its last high. Is it over extended to the downside - yet?
Short of the lack of a higher low, and being way ahead of the curve, SOXL appears to be having a bullish divergence in both the Weekly and Daily charts. Notwithstanding, it is still in a deep downtrend. Just look at the Friday candle, it is a clear and present Dark Cloud Cover, which suggest more downside to follow.
Targeting the next and possibly last downside target is 5.60.
And then it might be time to watch for the price movement to realign to the bullish divergence, if it does when it reaches at that time.
But for now, it is just a heads up...
Stand by!
