Not too long ago, we wrote about a potential cup with handle breakout for the market-leading Semiconductors ETF (SMH). You can read that here.
Today, we examine a “monthly” chart of $SMH to provide an update on that powerful price pattern.
As you can see, a breakout has taken flight at (1).
The breakout looks pretty bullish, after 2-years of forming the top of the cup with handle pattern.
Note that the “handle” formed at the 361% Fibonacci extension level, highlighting the power of Fibonacci levels and the power of the pattern! Stay tuned!
This article was first written for See It Markets.com. To see the original post, CLICK HERE.
