SMCI short term Target of 54

May 24

SMCI has been correcting in a complex zig-zag correction.

It has completed triple Zig-Zag, correction seems over as per Wave-3 max pull back and seems to be headed towards 54 in short time, provided some conditions are met.

Conditions:
a) Correction should stop at around this level or can go max till ~38.23, what it means is, price damage should stop, we may still correct in horizontal way not breaking price of approx 38.23.
b) We need fast re-tracement of price towards ~44.40

If above is satisfied, entry at 44.40 for a target of 54 is a good probabilistic trade.

When set up gets invalid ?
When price breaks and closes below 38.23 on 4hr closing candle basis.

Jun 24

Note

We need a break out and price should sustain above the range to arrive a the target, we are still inside the range, wait for the break out

Jun 26

Note

Break out is seen, we need followup good bullish candle, else it may retest range boundary and then proceed for target

Jun 26

Note

Good two bullish candles back to back (yesterday and today assuming we close bullish)

3 days ago

Trade closed: target reached

We are at 53.85 and target almost reached !! Glad that the view worked out .