Rising wedge just like Qqq, Spy, and most of tech sectors...
Price should begin the decline down to 112.00 with a pit stop first at 128 or 200ma ..
I expect a dead cat bounce there back to 134 before the next leg down
As you can see here looking at the Chip sector SMH
You have a similar Rising wedge at .236 fib.
And you can also see that .236 has been a brick wall for a year.
Zoom in close at SMH and you'll see friday finished with a reversal candle
Daily RSI Confirms
Either wait for a break below 139.00 or short anything over 140 with a stop above 145.00..
Price should begin the decline down to 112.00 with a pit stop first at 128 or 200ma ..
I expect a dead cat bounce there back to 134 before the next leg down
As you can see here looking at the Chip sector SMH
You have a similar Rising wedge at .236 fib.
And you can also see that .236 has been a brick wall for a year.
Zoom in close at SMH and you'll see friday finished with a reversal candle
Daily RSI Confirms
Either wait for a break below 139.00 or short anything over 140 with a stop above 145.00..
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Related publications
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.