Speaking of areas continually getting hit, guys, this 618 fib retrace the 60758 on the chart on the SMH continues to get pounded. You see today we opened above it, even pushed higher looking like we were trying to close above, but not yet again today.
We still haven't done so on the push up. And I want to remind any of the old viewers as well as new viewers, we've been following this breakout ever since price action broke above this declining trend line.
We had a series of breakouts for the SMH to accomplish to get to the point that we're at. And look, we're putting in bullish consolidation. That is the best scenario that you want to see after a breakout from the declining trend line, a breakout from this parallel and maintaining a breakout above the key moving averages with the 50 moving average now comfortably under the 20.
Getting into a healthy spacing scenario, creating space for price to go higher on the charts.