Studying recent price action in SOXL (3X ETF on SMH - semiconductor segment). Example of an uptrend that ended (as defined by 34EMA wave), and then a retracement from 200MA back up to the 34. In this scenario, be cautious about buying into the bounce as it can often drop back down after reaching the 34 again from the bottom. Past support becomes current...
This has been a huge drawdown for semiconductor bulls, but this relief rally should leave us above the open of that last daily candle at some point this week. ive marked that level out. the neural net and convolution strat says its rebounding looking for a place above these candlestick pattern levels to weekly sell again.
As shown in the chart.
SOXL is still a higher low along on the trendline, seeking a bounce tomorrow.
I would take loss if SOXL dropped below 38.95. Otherwise, it should be ABC wave up to 53.
SOXL is tightening down in a wedge and bounced perfectly off the 50 EMA after being down over 6% on the day. Looking for continued strength into the close. Chart looking very similar to what we saw at the end of January and early February.
AMEX:SOXL now at 39.57
Falling from 57.04
Good price to buy few now
FYI, i started accumulating few from today
Will again but on good dips until 31
Target prices in 1 year.....47, 57, 63.15, 67, 70, 73.07
Support is now at 39.18, below this can quickly fall to 31 , giving a good opportunity to buy and hold for 1 year target of 73.
Semiconductor Bull 3X ETF,
Bearish Engulfing and Gap down.
Short 47
Stop 57.10
Target 28, 14
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
BuyToOpen Aug Put P30
Limit 3.16
SellToOpen Aug Put P16 x2...
Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 423.60% level
3) Hit the top = 57/423.60%
Chart time frame : D
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : D
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance....
SOXL has reached the Logscale 0.886 of this potential Logscale Bearish Deep Gartley which aligns with the upper trendline of the channel it has been trading within. If it plays out, I think we could see SOXL come down to the lower trendline and perhaps even lower. This May be sparked by a selloff in NVDA and AVGO.
21.2.24
- I would wait for <28, golden zone
or MOAT breakthrough and on rebound.
- will see if long options will be bought 🤓
- currently UP there is a big resistance in the form of the upper blue channel
Since the New Year started SOXL has declined hard
Straight into a -1 sig anticipated support around 25.
Which is also a weekly level from 7/14/2023
There seems to be a jump over at VWAP around 28 which is also the daily close from 12/20/2023.
The bet here is that it stays in the 22-31 range and the fresh Weekly supports at the red lines hold.
It could keep pushing...
SOXL is the triple leveraged semi-conductor ETF while SOXS is its inverse. While SOXL
is primarily up trending in its intermediate and full-time history, it does from time to time
have a correction mainly when the technology sector gets challenged. I have found that
plotting the ratio of the share values is a very accurate way of pinpointing those...
Taking a stab at SOXL for a reversal here. Tightening down in a wedge for the last week. After semis had been making new highs. Relatively oversold RSI on the 65min and MACD about to flip bullish on the same timeframe. Active trade. In @ $31.99, target $36
