SMH
Yellow Line is previous support from 2009 --Thick Blue lines show lower highs, higher lows (SYM TRI)
Thin Blue line shows medium-term support -- Two H/S (one with a purple wedge kicker)
Possible HS forming now-- With a possible double bottom in play, and re-testing it's breakout currently
For the SYM TRI to be valid, it would make more sense for a current test of double bottom, the outcome putting SMH at the top of SYM TRI line. A valid H/S would prove SYM TRI break to downside with only two touches to the top line. Either could play out, but it's worth noting that SMH has been responsive to H/S patterns since 2011
Thin Blue line shows medium-term support -- Two H/S (one with a purple wedge kicker)
Possible HS forming now-- With a possible double bottom in play, and re-testing it's breakout currently
For the SYM TRI to be valid, it would make more sense for a current test of double bottom, the outcome putting SMH at the top of SYM TRI line. A valid H/S would prove SYM TRI break to downside with only two touches to the top line. Either could play out, but it's worth noting that SMH has been responsive to H/S patterns since 2011
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.