VanEck Semiconductor ETF (SMH) daily chart
SMH Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor 5.
Direction: Upside in Minor 5.
Details: We have hit Medium Level at 250$, looking for a potential wave {iv} of 5 to start moving sideways.
SMH Elliott Wave technical analysis – Daily chart
In our Elliott Wave analysis of the VanEck Semiconductor ETF (SMH) on May 30, 2024, we observe an impulsive trend characterized by a motive structure. SMH is currently positioned in Minor wave 5, indicating an upside movement in Minor wave 5. Having hit the Medium Level at $250, we anticipate a potential wave {iv} of 5 to start moving sideways. Traders should monitor this key level for signs of consolidation before the trend potentially continues higher.
SMH Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Minor 5.
Direction: Correction in wave {iv}.
Details: Wave {iii} sub counts suggests we could have found a top in wave {iii}, as well as hitting 250$. Looking for a sideways wave {iv} to then continue higher towards MG2.
SMH Elliott Wave technical analysis – Four-hour chart
On the 4-hour chart, SMH is following an impulsive trend within a motive structure, specifically in Minor wave 5. The subcounts of wave {iii} suggest we could have found a top in wave {iii}, particularly given the recent hit at the $250 level. We expect a sideways movement in wave {iv} before resuming the upward trend towards MG2. This corrective phase provides an opportunity to reassess positions and prepare for the next bullish move.
VanEck Semiconductor ETF (SMH) Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD attempts a bounce above 0.6700 on China's stimulus optimism
AUD/USD attempts a modest bounce above 0.6700 in Asian trading on Thursday. The pair cheers a risk-on market profile, induced by hopes of China's fiscal stimulus package and efforts to boost local equity markets. A broad US Dollar also aids the Aussie's uptick ahead of key US CPI data.
USD/JPY holds pullback from two-month highs, defends 149.00
USD/JPY defends 149.00, stalling its retracement from the highest level since mid-August at 149.36. The BoJ rate hikes uncertainty and a generally positive risk tone cap gains for the safe-haven Japanese Yen while traders look to the US CPI data for fresh impetus.
Gold’s fate hinges on US CPI after key 21-day SMA gives way
Gold price is nursing losses above $2,600 early Thursday after falling for the sixth straight day on Wednesday. The bright metal sits at its lowest level in three weeks in the run-up to the all-important US Consumer Price Index data release due later this Thursday.
US government charges notable crypto companies, individuals for market manipulation and fraud
The US government took legal action against three crypto firms and 15 individuals on Wednesday for market manipulation and fraud, including artificially inflating cryptocurrency prices to make profits.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.