Semis swinging nicely in this range bound pitchfork. Volatility increase near the outer bounds, and we are almost there. Clear 5 wave count to conclude at the long term bullish trend line. This is my short term trade to the downside using SOXS 3x bear, and will reevaluate my next move when this target is hit. There's still a long term bull target on most indexes...
Although I rarely trade the semis anymore, I always watch them as leading indicators for the rest of the market. Currently holding LRCX puts. A lot of bullish sediment this last week however the bulls are still yet to undo a lot of the technical damage done by the bears this year. On the chart I have highlighted some key areas to watch. Remember this is a monthly...
Here's a ratio chart of semiconductors versus the SP500 which suggests that we could still expect some decent upside from semiconductors and technology in general despite it's out performance over the last few years. It's too early for me with this one but I will be looking out for any decent moves upwards.
Looks like a big drop coming. Uptrend broken and looks like we are in a diamond reversal pattern. Targeting the previous lows at least, and expecting sideways chop after that.
