SOXX (semiconductor ETF) is approaching the 2nd & final bounce target (477.50 price/downtrend line) after reversing (covering) from short to long when T2 was hit last week. Consider booking profits, raising stops (if holding out for additional upside), or reversing back to short, depending on your trading plan. Previous (Oct 25th) & updated 60-minute chart below.
SOXX 60m Oct 25th
SOXX 60m Nov 3rd
I’ll follow up with some new downside price targets for a short taken here or at the downtrend line will follow soon although at minimum, SOXX should be good for a quick pullback trade off the initial tag of this 477ish/downtrend line resistance.