SOXL is sitting in the middle of some major trend lines. Last week we finally first tested the Daily break level. Which gives me hope that we will see a little October relief rally before dumping further. We have had some pull back. I expect price to go up to the weekly hold level, but if it goes up and over that hold level I expect price to goto the second hold level at 20.76. If it gets rejected at 19.40, I expect a dump down to the trend that has been holding this structure up since January of 2023.
If we look at this from an Elliot wave perspective on the daily, it looks like we have one more big dump before price fully recovers. Although there are no trendlines down below. We would have to see the price come down through the trend and bounce back above on the weekly or monthly Timeline. Since this is the time of year that Hedge funds are selling stocks and balancing out ETF’s we typically see a crash in the fall, sometimes a relief rally in December known as a Christmas Rally, before the Bull run begins again in January.
It looks like on the weekly that this was an ABC correction on the weekly, Which means we are prepped for a move up, IMO to the rest of the year!
It looks like this was just ana ABC correction when I zoom out on the weekly.