SMH: Ain't over till its over
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This is a follow-up on my Mar 9 post on 
NVDA and I feel using the 
SMH would explain overall market picture better. I struggled with how to frame this post as it is a combination of zooming into lower fractals and zooming out to higher fractals and hope this weekly chart helps.
In the immediate short-term, markets are oversold and you can spot the ABCD down completions in the 30M fractal. This is likely to be a short-term bounce into week end, month end to test 30M overhead neckline resistance.
In the weekly and daily chart, the overhead neckline resistance can be seen as the white dotted overhead resistance (representing extreme price volume action). Big picture wise, there are multiple ABCD completions for the SMH and its key component stocks which implies we should look at the Nov'21 to Oct'22 downturn guide the downside projection.
This would imply a downside projection to c.$164 with the $224 level as an invalidation level.
NVDA and I feel using the SMH would explain overall market picture better. I struggled with how to frame this post as it is a combination of zooming into lower fractals and zooming out to higher fractals and hope this weekly chart helps.In the immediate short-term, markets are oversold and you can spot the ABCD down completions in the 30M fractal. This is likely to be a short-term bounce into week end, month end to test 30M overhead neckline resistance.
In the weekly and daily chart, the overhead neckline resistance can be seen as the white dotted overhead resistance (representing extreme price volume action). Big picture wise, there are multiple ABCD completions for the SMH and its key component stocks which implies we should look at the Nov'21 to Oct'22 downturn guide the downside projection.
This would imply a downside projection to c.$164 with the $224 level as an invalidation level.
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