![](https://cdn.steemitimages.com/DQmYV2GHFn3Ydk5H633UFit6Z82K8j2jWN12Ectnw1bbdhd/image.png)

Despite the S&P500 and NASDAQ recently moving to, or back toward all time highs, the Semi's have been stuck in a range range for 6 months.  That range has been growing increasingly narrow and price has formed a symmetrical triangle. Which way it breaks could be a significant signal for the broader market. Given moves in risk on currencies such as USDJPY, the Shanghai Composite and Japan breakout out along with the EEM ETF breaking above its downtrend, not to mention US stocks at all time highs, I'm expecting this to breakout to the upside. 

However, we should always wait for confirmation and given price is approaching the apex, it should come fairly soon. 

If we look at the relative performance of the SOX vs the NASDAQ composite, we can see that price formed a 9 year base which it is currently retesting.  If the SOX does indeed break to the upside, we could be looking at significant out-performance and great trading opportunities in the member stocks.

![](https://cdn.steemitimages.com/DQmWhEMfdH6iFpRHShuvZFvAE8f1BQ9jZnxybuPdCpWo7qL/image.png)

With regard to a target price for the SOX, 'IF' the breakout occurs, we can see that it would take prices clearly above the 2000 peak leaving an upside target at 2,100, over 50% upside from the current level.

![](https://cdn.steemitimages.com/DQmcNfGzJ4BN4ev5nLcwBLQZ8ZCZ4uoyABMtThmuJ7UrhJ4/image.png)