$XSD $SOXL Semi's selling off but buy zone is here$SOXL has been running hot correcting now a bit, but might be a god time to consider starting a position or averaging up/down
SOXL trade ideas
What a nice soxl pitchforkAm new to trading, but Noticed that there seems to be a nice pattern here. Seems like it could drop a little moore before taking off again. Probably should wait a little before buying back in.
SOXL Bullish Elliot Wave Exit into Correction Pattern?I feel like I've seen this pattern before on this chart.
It's hard to bet on a continued rise up from here, even with all the tax reform talk and earnings season around the corner. It's been an incredibly good rise. My best guess is that this enters a correction pattern back to main trend line.
This is my first published idea so take it with a grain of salt.
Constructive comments certainly welcome as I'm still learning how to read charts.
SOXL, Inverted Cup and Handle An Inverted Cup and Handle pattern appears to be forming. The RSI is almost dead even, and we are in a squeeze coming off of the short upward momentum of the handle. If that squeeze releases into the red as we test either band, there is a good chance the price will fall through the bottom of the handle and test the $93.50ish resistance line which is just below the rim.
If you are in above price, I would set a stop around $96.75.
If you are looking to get in, I would wait and see if we can get another crack at $90.
SOXL Pennant Swing Trade BullSOXL has been forming a pretty well-defined Pennant and underlying fundamentals in the ETF are strong with a good tail wind.
Prediction:
- No bad world news, especially NK. (Manufacturing base in Seoul and throughout Japan). We break the upper band; $97 target.
- Bad world news, good buy in point >$90 as we bounce off the lower band, break upper band if the news is not continuously reported.
Break out soon $mu $amd $nvda $ intc mad cross bullish sign and hold strong with uptrend line. good time to buy the dip
Semiconductors Descending Wedge and Inverse H&STwo price path predictions for next week given the current action and patterns I'm seeing on the chart
Blue arrows: Inverse H&S
Orange arrows: Descending Wedge
Semiconductors Still Weak - Video Analysis IncludedSemiconductors are still weak for several reasons though right here might be a decent accumulation zone. SOXL has been one of the strongest 3x ETF performers this year but we're seeing some serious topping action currently with may appear to be a head and shoulders top.
Here's this weeks video for SOXL: www.youtube.com
Semiconductors further to fall ?Bring back technical analysis . Too often I've been seeing people just posting a picture of the price action and then an arrow going up or down with the title "Long UVXY" or some garbage like that. Nobody gives two farts about whether or not you entered a position. Show me some fibonacci. Show me some technical divergences. Show me some diamond bottoms. Show me something. I don't care if we're on the same side of the trade, or on opposite sides, but at least justify your position?
If you don't have anything to add to the conversation, don't detract from everyone else's by humming.
#BringBackTechnicalAnalysis
Chart self explanatory: Wedges tend to retrace until their beginning which conveniently rests at the 23% fib zone. Elliot wave would have it that we should see some ABC retracement pattern and I believe that these points can best be predicted through the different fibonacci levels and consolidation zones along SOXL's price history.
Conclusion:
Short term - Bear
Medium term - Neutral
Long term - Neutral
$SOXL Irrational Exuberance SOXL is overbought on all time frames.
Bearish Case:
Coming to the end of the Long term, Medium term, and Short term elliot waves that I've drawn. (We may see a 9 wave on the short term instead of the traditional 5 waves).
At 227.6% Fib Resistance level.
Created a new unsustainable uptrend recently.
RSI divergence
Touching the top of new uptrend channel.
RSI has only reached 82 on the weekly 2 other instances, with a maximum of 84.
The video I have here outlines each of these situations
www.youtube.com
Conclusion:
Short term bearish
Medium term Neutral
Long term Bullish
Long on SOXlAnother nice move, uptrend in the daily chart. We do have a correction. The oversold signals the entry. Stop 5% below our entry, target in the last five high.
