SMH Elliott Wave Analysis Trading Lounge Daily Chart,VanEck Semiconductor ETF (SMH) Daily ChartSMH Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Minor 5.DIRECTION: Upside in Minor 5  DETAILS: We have hit Medium Level at 250$, looking for a potential wave {iv} of 5 to start moving sideways. SMH Elliott Wave Analysis Trading Lounge 4Hr Chart,VanEck Semiconductor ETF (SMH) 4Hr ChartSMH Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: MotivePOSITION: Minor 5.DIRECTION: Correction in wave {iv}.DETAILS: Wave {iii} sub counts suggests we could have found a top in wave {iii}, as well as hitting 250$. Looking for a sideways wave {iv} to then continue higher towards MG2. Welcome to our latest Elliott Wave analysis for the VanEck Semiconductor ETF (SMH) as of May 30, 2024. This analysis provides an in-depth look at SMH’s price movements using the Elliott Wave Theory, helping traders identify potential opportunities based on current trends and market structure. We will cover insights from both the daily and 4-hour charts to offer a comprehensive perspective on SMH’s market behavior.* SMH Elliott Wave Technical Analysis – Daily Chart*In our Elliott Wave analysis of the VanEck Semiconductor ETF (SMH) on May 30, 2024, we observe an impulsive trend characterized by a motive structure. SMH is currently positioned in Minor wave 5, indicating an upside movement in Minor wave 5. Having hit the Medium Level at $250, we anticipate a potential wave {iv} of 5 to start moving sideways. Traders should monitor this key level for signs of consolidation before the trend potentially continues higher.* SMH Elliott Wave Technical Analysis – 4Hr Chart*On the 4-hour chart, SMH is following an impulsive trend within a motive structure, specifically in Minor wave 5. The subcounts of wave {iii} suggest we could have found a top in wave {iii}, particularly given the recent hit at the $250 level. We expect a sideways movement in wave {iv} before resuming the upward trend towards MG2. This corrective phase provides an opportunity to reassess positions and prepare for the next bullish move.More By This Author:Elliott Wave Technical Analysis: Chainlink Crypto Price News For Thursday, May 30
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