Semiconductor Index Rally Eyes New Highs as Elliott Wave Correction May Be Complete
Sentiment Analysis
SOX may have completed its Elliott Wave correction, with bulls targeting new highs if key support holds, while breakout confirmation remains essential.
The semiconductor index (SOX) bottomed at $11,960 on July 7. Using the Elliott Wave Principle (EWP), the index may have completed its correction and could be heading towards new all-time highs if key support levels hold.
The red Wave-iv can be considered complete, and red Wave-v to new All-time highs could be underway, contingent on holding above the July 7 low. However, corrections can become more complex, and a counter-trend rally to ~$13,590-14,390 comprising of three waves is possible before further upside.
Source: FXEmpire
This content is not intended as investment advice or a recommendation. Any opinions expressed are solely the personal views of each article.