SMH has reached the 2.618 Fib Retracement of the 2021 Bear market. Aligning similarly with SPX and NDX reaching 1.618 Fib Retracement at the same time. Profit taking should be expected here.
Both major indices formed Bullish ABC patterns from their pandemic lows, with point C corrections right to important Fib levels of 50% on SPX and 61.8% on NDX. Given the context in my previous post that both have now reached the 161.8% retracement of the 2021 Bear market, are their Post-Pandemic ABCD patterns now complete?
Great run on multiple Bull Flags, the latest being about as textbook as they get. Recent Golden Cross adds to the best technical look on this name that I've seen in awhile.
Drifted down to where the fibs line up, 23.6 of the previous downtrend and 38.2 of the recent swing up. Expect it to find support here above 18. Volume continues to decline. Some shorts covered, but still a lot in there. Target is $21.
$GME hit resistance at 38.2% retrace of the last downtrend, held up to close > 10d SMA. Overbought RSI worked off now and bull flagging on reduced volume. 18.12 is 38.2% retrace of recent move up, aligns with 23.6% retrace of the last downtrend. Expecting support here and then push to around $21.
