rising wedge semiconductor long
Updated
short semiconductors are on the verge of breaking down, and basically if we stay over 12.20 soxl im aiming for daily gap close, or near 12.86 . if we break this ascending tightening range to the downside and more or less double top 4hr resisting from top of envelope, around 12.30s or lower, im looking toward 15 minutes demand zone in low 11s maybe 11.30. short squeeze in semiconductors, or failed bull breakout. even if longs win, im selling rallies on the daily by buying soxs on dips to weekly lows, or new weekly lows (keeping in mind the s&p can still resist from 4000 or slightly higher/nvda can sell off $160, 162.5, 165).
Note
keep in mind were around mondays high and for a lot of longs this is a profit taking areaTrade closed: target reached
im gonna adopt a wait and see approach from here. im not long anymore here until we breakout for real, or we test some value area low and move higher. were on the verge of unleashing the bulls, but as per usual im going to insist on being fashionably late to that party.
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