SMH to $191 Anchored in 2018 Fib
Updated
This is a very long-term view of SMH. You can see the FIB that is in play which is anchored at $41 in December of 2018. We ran up all the way to just about $160 in December of 2021. We had a hard pullback to $84 and did a fast turn around, again to $160, in July of 2023.
We retraced almost perfectly to the 50% of that move to $136 and we are now in the uptrend of that move, which we hit that .272 extension of at $166.
We pulled back and are now heading for the 272 extension at $190, anchored way back in 2018. We may get there pretty quick and I would not be surprised if we peak out over the top of the channel to do it.
What do you think?
We retraced almost perfectly to the 50% of that move to $136 and we are now in the uptrend of that move, which we hit that .272 extension of at $166.
We pulled back and are now heading for the 272 extension at $190, anchored way back in 2018. We may get there pretty quick and I would not be surprised if we peak out over the top of the channel to do it.
What do you think?
Note
So far, this is going well. Ascending wedge is now a channel but working all the same.Note
I had adjusted my targets based on newer fibs/ trendlines and closed this trade at $189 Note
well look at that. we perfectly nailed the extension at $191
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