Here is what the SOX looks like to me. There
is still downside pressure being applied to the daily chart and there is a
target price at 1353 for this move down. For a retracement of any
magnitude to start price would have to go through 1440 and then the first price
objective would be 1491. There are two shorter cycles at work here
that could come into play today because price is over extended. One has an
entry price at 1404 with a target price at 1451 and the other has an entry price
at 1419 with a target price at 1507. There are intermediate price
objectives involved here, but this is the overall look at things.
