Listed on the 15-minute chart below are my first two bounce targets for SOXX (Semiconductor ETF), in which I laid out the case for a likely reversal in this previous update posted earlier today. Based on the fact that SOXX as well as XSD are still trading about ½-2% above their primary uptrend lines on the daily time frame, we may or may not get one last thrust down to slightly undercut today’s lows. However, the R/R to remaining short at this time, at least for an active swing trader is no longer favorable. Following today’s divergent low, a break above this 15-min downtrend line is likely to spark a rally in SOXX up to the 169.80 & 172.85ish levels:
SOXX 15-minute Dec 6th