SMCI has bounced back to the bottom of the T1 zone + downtrend line, offering an objective re-entry for the next leg down to T3/T4 with my max (but not preferred) potential bounce targets the dotted arrows. Bottom line, I think this is an objective level to either add back a full short position (more aggressive) or start scaling back into a swing short, up to but not above the max. bounce target, for the next leg down to T3/T4. I’ve also included the previous chart I posted on Friday which was when I was harping on the R/R of booking profits on shorts and/or scaling into longs as the R/R on the short side was no longer favorable.

Here’s the weekly chart of SPY with the long-term targets I’ve started covering last year, along with my current maximum (but not preferred) bounce scenario. I’ll mark up IWM asap.