In our previous update from June 13th, we found that for the Semiconductor Index (SOX) based on the Elliott Wave (EW) Principle, a local top was due at ideally ~$5420, followed by a minor 4th wave correction (gray Wave iv?) to $5050+/-50 and a fifth wave (gray W-v) to $5745+/-100.
In our previous update from June 13th, we found that for the Semiconductor Index based on the Elliott Wave Principle, a local top was due at ideally ~$5420, followed by a minor 4th wave correction to $5050+/-50 and a fifth wave to $5745+/-100. See Figure 1A. The index hit a high of $5311 on June 17, dropped to $5140 on June 23, and then rose to $5588 on June 27.
To that extent, we have our colored warning levels. If the index’s price stays above the orange level, there’s no real reason to suspect a, in this case, top. The blue and gray levels tell us to start paying more attention, whereas a drop below the red level guarantees us that a top is in place. These warning levels are raised as the index moves higher, keeping us on the right side of the trade for as long as possible. E.g., compare the colored warning levels in Figure 1A vs. Figure 1B.
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