SMCI short term Target of 54SMCI 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.