SMH heads up at $209.43: Golden Genesis fib may Break-n-Retest
Updated
SMH just hit a Golden Genesis fib at $209.43.
That fib is reinforced by a Covid Stimulus fib.
This is a major landmark in this ETF's history.
$ 209.43 - 212.89 is the immediate resistance.
$ 236.36 - 238.96 is the next major resistance.
$ 191.21 - 191.90 below is the first good support.
It is PROBABLE that we orbit this zone for a while.
It is POSSIBLE that we break and retest for late buy.
It is PLAUSIBLE that we get a pullback here and now.
Here is a full view of the Genesis Sequence:
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That fib is reinforced by a Covid Stimulus fib.
This is a major landmark in this ETF's history.
$ 209.43 - 212.89 is the immediate resistance.
$ 236.36 - 238.96 is the next major resistance.
$ 191.21 - 191.90 below is the first good support.
It is PROBABLE that we orbit this zone for a while.
It is POSSIBLE that we break and retest for late buy.
It is PLAUSIBLE that we get a pullback here and now.
Here is a full view of the Genesis Sequence:
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Note
Perfect test of the resistance zoneZoom IN (1 min)
red zone top boundary was pierced, but fell back down.
Overall looks bullish still, so likely to continue or orbit.
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Note
Break and pop EXACTLY to the next resistance Zoom iN (h1)
Perfect Ping on top boundary, a Genesis fib. at $238.96
Zoom MORE (m1)
"Ping" = Exact and violent reflection off fib that you can almost HEAR.
Also notice the other Pings (blue arrows):
Those pings confirm all of our fibs,
and gives confidence in all other fibs.
Zoom OUT (m15) to look for pullback targets:
First guess is the sister fib of our bouncer above,
so we will wait at $209.43 for a possible buy.
If not, then a break and rest of $238.96 above,
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Note
Followup to last snapshot looking for dip Bounced off the TOP of support,
which was very bullish at the time.
But then came the Iran/Isreal news and SMH collapsed along with all tech stocks
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Zoom in (m1) for a close around the Golden fib at $209.43
Like an insect whose antenna hits something,
it will probe back and forth with the antenna,
to ascretain the EXACT location and THEN proceed.
Given the above confirmations of the Golden fib, we can look to its sisters:
So our existing supports have been energized and should react if hit,
$ 191.21-91.90 first support: minor Genesis with golden Covid
$ 178.93-179.94 next, Semi-major Genesis with minor Covid,
So both supports below should have about the same strength
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Note
Here we are againZoom in (m1)
No "Ping" (exact reflection on fib) but lets see if bulls can regain asap.
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