Heineken-Ashi said:
SMCI above yesterdays high could get to $760 rather quickly. And through that, $790 would be next. Need yesterday's low to hold.
Here's the chart I'm watching. I have this in an ending diagonal down which is a choppy overlapping structure. You can see that there's a ton of supply resistance on the chart and not much demand, hence the bearish primary expectation. But we did hold the previous low from April literally at the bottom of my demand support box and the 138.2% downward extension fib (123.7%-138.2% is the common zone for a third wave in a diagonal, hence why its still my primary count). Clutch as hell. Because that low held, there's still potential, yet again, for that one more big pop. But the ceiling on that pop dropped from $1,100 down to $1,000. Even still, that's a LOT of money to make if it makes that move. And above $970, the diagonal is broken.
So should yesterday's low hold, unfortunately, we just won't know what we have longer term until the next move starts to really take shape. This has been a tough cookie as you all know. Bulls have refused to fully give up and bears can't even get confirmation even on a big selloff. It's a heavy weight fight and I don't expect it to end easily.
Now, should any rally fail and this make another low down to $625 region, then a more standard impulse down becomes probable again, with $735 becoming resistance and $550 being firmly on the table.
"H-A: In return for the flattery, can you reduce the size of your signature? It's the only part of your posts that don't add value. In its' place, just put "I'm an investing savant, and make no apologies for it", as oldarmy1 would do."
- I Bleed Maroon (distracted easily by signatures)