Not too long ago, we wrote about a potential cup with handle breakout for the market-leading VanEck Semiconductor ETF (NASDAQ:SMH)
Today, we examine a “monthly” chart of $SMH to provide an update on that powerful price pattern.
As you can see, a breakout has taken flight at (1).
The breakout looks pretty bullish, after 2-years of forming the top of the cup with a handle pattern.
Note that the “handle” formed at the 361% Fibonacci extension level, highlighting the power of Fibonacci levels and the power of the pattern! Stay tuned.