$SMH Bear Flag, Dip & Rip
SMH has sold off through the median of the with more than the uptrend (Oct 21 to Nov 21). There is a likelyhood that we are doing “as above, so below” pattern where the price rejects the upper channel, supply exhausts, then comes back down to mirror down below to look for demand.
As of now SMH is hammering near the outer channel. I’ll be looking for a low where bulls try to drive the price up just beyond the gap fill. Shortly after it’ll be key to watch the bears step in and drive price down to 252.
After a bit of accumulation, should we continue to stay in this trend (since COVID) I can see the price quickly moving back to the median shortly after options expiration in Feb.