Just my view that I've been watching for a while. So far, extensions are being hit... and I think $1200 is likely.
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There's a lot going on in this SMH chart, but see the pattern I'm watching here. AVGO is a big part of this. I expect SMH to trade sideways/slightly down until we hit the other side of the ascending wedge, and then it is back up. AVGO should be part of that move.
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See the big picture on SMH. I expect us to get to the $191 fib extension, which is also the top of this huge channel, very soon.
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We are getting very close to the $1,200 target.
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Target hit, as predicted Dec 15. Trade closed.