Big gap drops SMH to a key Gann area (upper red dashed line) for a 50% retrace on the ABCD. Could bounce here, at the APEX of the volume profile (not shown) although RSI (9) looks very bearish with downtrend below 50.
SMH being held up by a few big names, I am looking for a retrace closer to the bottom dashed line, or somewhere around the 61.8 % ABCD retrace.
SMH being held up by a few big names, I am looking for a retrace closer to the bottom dashed line, or somewhere around the 61.8 % ABCD retrace.