SMH Elliott Wave technical analysis [Video]
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SMH Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave iii of (iii).
Direction: Upside in wave (iii).
Details:
SMH is advancing in a strong impulsive structure, forming a sequence of higher degree wave threes and fours. As the ETF approaches the $250 mark, the trend remains upward with the next significant resistance projected at TradingLevel3 ($300). The formation supports sustained bullish momentum within wave (iii).
SMH Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave 5 of iii.
Direction: Upside in wave iii.
Details:
On the 1-hour chart, SMH appears to be completing micro wave 5 of wave iii. If the structure avoids truncation, there is room for additional upside in this final leg of the impulse. Afterward, a corrective wave iv is expected before wave v resumes the broader trend higher.
Analysis summary:
This Elliott Wave analysis of SMH highlights a clear impulsive uptrend across both timeframes. The daily chart projects movement toward the $300 level, while the 1-hour chart suggests further near-term gains within micro wave 5 before a potential minor correction. Traders should monitor for reversal signals near short-term peaks and prepare for continued bullish movement after brief pullbacks.
Technical analyst: Alessio Barretta.
SMH Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
