Given the bullishness in the tech sector people might think I am mad to suggest a 30% drop is coming......but that's exactly what the chart suggests to me. Massive H+S top pattern developing, huge negative divergence. On SMH I am selling current 107 level with stop 112 and ultimate take profit target about 30 points lower (75-80 zone). rtn/risk of 6 to 1. Timeframe - 3-6 months.
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Staying short SMH semiconductors from 107.00. Expecting continuing sell-off over coming months towards 80 level. Lower stop loss to break/even now (107).