That Didn’t Take Long

Well, ladies and gentlemen, it doesn’t get any more clear, than that.

The attempted SOXX, breakout discussed yesterday (here), has failed in spectacular fashion (not advice, not a recommendation).

Now, it gets interesting. Popcorn at the ready. 🙂

We’re going to move in closer to hourly and take a look.

Semiconductors SOXX, Hourly

Price action struggled just above resistance before imploding.

The wide high-volume bar is obvious.

Normal market behavior is to attempt a test of the wide bar with retrace action.

There’s no guarantee and especially where we are in the structure of this move (possible right side of H&S pattern).

Positioning

As can be seen in the sidebar, SOXS-24-18, established last Friday, was maintained throughout the (failed) breakout action (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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