Was That It?

Watching the SOXX, price action in real time, is like a slow-motion train wreck.

The trendline shown below, was broken two weeks ago.

Since then, we’ve had an upside test.

As of the close today, that test appears to be complete (not advice, not a recommendation).

Semiconductors SOXX, Weekly

Frist, the break and test.

Next, we’re at Fibonacci Week 21, from the all-time highs and reversal.

All of this suggests some type of inflection point.

Positioning

As of today’s close, the original entry (SOXS @ 19.98) for SOXS-24-20, is up a solid +17.67%.

Since that entry, other smaller trades (eight in total) have been profitable, thereby reducing the price-level, increasing the gain, of the original entry (not advice, not a recommendation).

We may be at the point, where that ‘slow-motion train wreck’, begins to pick up steam.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279