Keeping a close eye on $SOXS today👀
We've seen a nice +10% relief bounce off the 31.70 lows, but looking at the higher timeframe, the 30-day trend is still down almost -30%.
This looks like a potential lower high formation on the 4H chart. If we see a strong red candle close back below 34.50, I'll be looking to short the retest.
🔴 Entry: 34.90 - 35.20 (Watch for rejection wicks)
🎯 Target 1: 33.50
🎯 Target 2: 31.80
🛑 Stop Loss: 36.20
$SOXS
We've seen a nice +10% relief bounce off the 31.70 lows, but looking at the higher timeframe, the 30-day trend is still down almost -30%.
This looks like a potential lower high formation on the 4H chart. If we see a strong red candle close back below 34.50, I'll be looking to short the retest.
🔴 Entry: 34.90 - 35.20 (Watch for rejection wicks)
🎯 Target 1: 33.50
🎯 Target 2: 31.80
🛑 Stop Loss: 36.20
$SOXS
