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Intraday Technical Flash - SOX



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.


In yesterday's intraday flash I presented 2 possible counts of the short term action in the 13 minute chart. The first technical road map said that the bottom was "in" and that yesterday's bounce was the start of wave 1 up. The second count suggested that yesterday's bounce was an internal wave iv bounce that would fail and turn back down for a 5th wave low beneath yesterday's intraday low. Given today's price action and the fact that a full "5" wave move off yesterday's low never formed, the second interpretation is now operative.

This means that a new swing low today (possibly tomorrow) beneath yesterday's low of 393.21 is needed in order to form the bottom I am looking for. Specifically, I am looking for a very small degree 5 waves down from yesterday's SOX peak. All the hourly and daily oversold conditions still are present so there is no change to my educational observation that some degree of bounce here (very soon) could take prices to the 430-450 area. Key levels remain 385-380 in looking for one new swing low today that has a "5" wave move down.

I will attempt to put out another intraday note when I feel confidently that that has taken place. ANY move above yesterday's peak would strongly suggest the bottom is in and that prices are ready to bounce. Not advice, as always, just a real-time educational example.

No positions in stocks mentioned.

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