SOX – Semi Conductor Index

Updated July 9, 2019

Looks like a nice b/ii wave top right at the 76.4% retrace. IF however price moves back above that high then we may have a leading diagonal 1st wave on our hands and the big picture count shown below needs to be revised.

Long-term: The whole advance off the 2009 low counts very well as impulsive (five) wave structures higher, with a very extended wave-5 of III. This wave-III should now have topped and wave-IV is now underway to the anticipated price level labeled on the chart. From there I expect a last Primary V wave to rally to complete the entire advance off the 2009 lows. Where that top will really fit in in the bigger picture is a bit uncertain, but honestly it’s fine. Nobody can trade and invest for what lies 50 years ahead of us. So let’s thus zoom in to the daily chart.