The price targets for yesterday’s swing short trade entered yesterday when the SOXX (semiconductor ETF) long swing trade hit T3 and was closed & reversed to a short trade will be T1 at 388.75 & T2 at 378.50. As those are the actual support levels where a reaction is likely upon the initial tag from above, best to set your sell limit order(s) slightly above your preferred target(s) to avoid missing a fill, should the buyers step in early. Previous & updated 60-minute charts below.
SOXX 60m Aug 8th
SOXX 60m Aug 9th
For those in the SOXX or SOXS short trade that think the bear market rally may have run its course (or will very soon), I still believe that my 2nd long-term target of ~271 and/or the primary bull market uptrend line will still be hit in the coming months+. As such, one could set stops accordingly, which would be about 12% above yesterday’s short entry if so (a 3:1 R/R based on the 36% downside/profit potential).
SOXX weekly Aug 9th