SMH - Making A Low?

W

waggie945

Taking a look at the SMH chart shows a very good potential "measured-move" . . . with a nice set-up and near a major support level of 38.55 - 38.41


For example:

From the 2/19 high of 43.82 down to the low of 2/23 at 39.97, we see a move of 3.85 points.

Take the recent high of 42.55 on 3/1 and subtract the 3.85 points from the first leg down to get your "measured-move" target of:

38.70

Today's low so far: 38.77
 
Still at the target, and held up very well.

At the highs from the "measured-move" target of 38.70 the SMH was +1.00 intra-day. At the very least, look for another intra-day run tomorrow, and perhaps even a stronger close.
 
This thread should be retitled:

"waggie--making a new low?"

answer- YES!

Look at him talking to himself after chastising other reputable ET members for doing the same.

waggie--how does it feel to consistently start threads that get ZERO response??:p
 
Atleast I have actually stated a specific form of technical analysis that is well recognized by all technicians, the "measured-move", as opposed to your useless claims and inconsistent opinions, backed by nothing, zero.

Weren't you the one on Monday who said the following:

"But I do agree that we are in a range. But the facts are that the S&P is at a 52 week high, so it's hard to say it has run out of gas."

Yes, that was a great call!

:D
 
Looking good thus far with decent intra-day support at the 39.20 level, but the index really needs to start trading above the 39.86 area of yesterday to really get the ball rolling to the upside.
 
Quote from waggie945:

Atleast I have actually stated a specific form of technical analysis that is well recognized by all technicians, the "measured-move", as opposed to your useless claims and inconsistent opinions, backed by nothing, zero.

Weren't you the one on Monday who said the following:

"But I do agree that we are in a range. But the facts are that the S&P is at a 52 week high, so it's hard to say it has run out of gas."

Yes, that was a great call!

:D [/QUOTE

+========================
Waggie945;

Sounds about right ;
QQQ starting back up again also & i would let SMH close above $40 for a swing or position trade.

Just looked at lots of dailys , weeklys , SMH, QQQ...:cool:
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