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Intraday Flash - SOX

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Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.

Yesterday's intraday flash suggesting that the corrective looking bounce in the SOX from the 10/18 lows was 90% complete or more. As of this writing, the SOX is making a slight new peak and we can say that its corrective bounce is at least 95% complete now. We noted yesterday that if another down-up sequence is in the cards, we'll add greater conviction to the bearish view on that new peak.

Today's bounce, unconfirmed by momentum is looking very much like "another down-up sequence". Important Fibonacci resistance targets are in a cluster of SOX 396-402 that should largely contain this bounce, as that area of prices contains a previous 4th wave peak and is bounded by the 61.8% and 78.6% retrace levels for the impulsive move down from the 10/4 peaks.

At these levels a good risk/reward set up in the SOX (and SMH) is provided based on our bearish analysis with a move through the 410 level negating this bearish near term call and causing us to stand aside (not advice).

No positions in stocks mentioned.

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