Let’s get serious about the semiconductor index. This beast has a perfectly good chance of completing a relatively small but spectacularly well-formed head & shoulders top. Indeed, it would take only one good down day, no more dazzling than Friday’s, to get the job done. I would like to offer unto you my target for such a measured move, tinted in green:
My own position is anchored to October puts on the SMH itself. Thus, the measured move there is more germane to me. It’s as easy as 1-2-3……….
By way of the measurement tool in SlopeCharts, I have roughed out the target in the same fashion:
Let’s just say that the week ahead has the prospect of being much more interesting and memorable than most.
