Short
SMH - 4Day Semi Outter Space View - Semi's Show Weekness
Semi Outter Space View (Get it...semi :) LOL
Not Ready Yet - I'm waiting for $140+ to buy Puts - Update coming at SMH $140
SMH Semiconductor ETF is referred to as a leading indicator at times as it shows slowing of high growth tech aspects of the economy.
The SMH ETF has companies which make chips for AAPL, and AAPL is a component of SPY. So these tickers are connected in this way.
Can you see the repeating pattern?
I see we have ascending wedge, followed by breakdown correction.
Then steady increase into flat bottom wedge, breakout into another ascending wedge.
Ascending wedge breakdown (small white one), into final blue ascending wedge.
We are currently at end of pattern. Middle of January 2020 there is no more room.
To me this implies we are going to see a correction by then or before.
We have a "good pattern" for all wedges in chart.
Rising Wedge - "Breaks downward 60% of time. Price should touch (at a minor high or minor low) each trendline at least five times to outline a good pattern. That's 3 touches of one trendline and 2 of the opposite." thepatternsite.com/risewedge.html
If we were in a downtrend, with ascending wedge, it could be a bullish reversal.
In an uptrend, an ascending wedge is like an airplane stalling. No more lift going straight up equals falling outta the air.
I do not have any active position in SMH.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
Not Ready Yet - I'm waiting for $140+ to buy Puts - Update coming at SMH $140
SMH Semiconductor ETF is referred to as a leading indicator at times as it shows slowing of high growth tech aspects of the economy.
The SMH ETF has companies which make chips for AAPL, and AAPL is a component of SPY. So these tickers are connected in this way.
Can you see the repeating pattern?
I see we have ascending wedge, followed by breakdown correction.
Then steady increase into flat bottom wedge, breakout into another ascending wedge.
Ascending wedge breakdown (small white one), into final blue ascending wedge.
We are currently at end of pattern. Middle of January 2020 there is no more room.
To me this implies we are going to see a correction by then or before.
We have a "good pattern" for all wedges in chart.
Rising Wedge - "Breaks downward 60% of time. Price should touch (at a minor high or minor low) each trendline at least five times to outline a good pattern. That's 3 touches of one trendline and 2 of the opposite." thepatternsite.com/risewedge.html
If we were in a downtrend, with ascending wedge, it could be a bullish reversal.
In an uptrend, an ascending wedge is like an airplane stalling. No more lift going straight up equals falling outta the air.
I do not have any active position in SMH.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.