SOXL: After much analysis and consulting with some EW gurus,
I am down to two counts, a preferred bullish count where wave 2 is set in stone and wave 3 in progress and a slightly more bearish count where wave B of 2 top just printed last week. The bullish count was a revision of an earlier count which calls for a wave 4 retracement of 38.2% to a target of about $165. In this case, the target is revised upwards to $183.84. Interested traders should monitor this price level carefully. If it holds, the bullish case is likely the winner. If it fails, then watch the next Fib levels of 50% and 61.8%.
The support for the bear count is that wave A (or 2) failed to reach Fib 61.8, and the subwaves of 3 (or B) are mostly 3 waves and hardly look impulsive at all. Also, it had faltered near the long term trend line and the top of the channel as well. Finally an A=C will bring SOXL to the Fib 61.8 retracement level for a wave 2.
The support for the bear count is that wave A (or 2) failed to reach Fib 61.8, and the subwaves of 3 (or B) are mostly 3 waves and hardly look impulsive at all. Also, it had faltered near the long term trend line and the top of the channel as well. Finally an A=C will bring SOXL to the Fib 61.8 retracement level for a wave 2.
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Bounced off the Fib 38.2 and took off. Closed out puts with 20% gains and jumped over to calls with about 30% gain so far.
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