Since the 07/31/23 peak SOX has declined in an Elliott Impulse pattern followed by a three wave corrective pattern which is so far a Single Zigzag. In the short-term its possible the rally could continue to the .618 retracement of the 07/31/23 to 08/18/23 decline. If this were to occur it would be a Double Zigzag correction.
After completion of the Zigzag or Double Zigzag there's a high probability of a decline that goes below the bottom made on 08/18/23.
After completion of the Zigzag or Double Zigzag there's a high probability of a decline that goes below the bottom made on 08/18/23.
