Long Term Elliott Wave View on SMIC
Semiconductor Manufacturing International Corporation (SMIC), listed as 0981.HK on the Hong Kong Stock Exchange, is China's largest semiconductor foundry and one of the top five globally. Founded in 2000, SMIC specializes in the design and manufacturing of integrated circuits used in various applications including AI, data centers, and consumer electronics.
Despite U.S. sanctions impacting its ability to access advanced technology, SMIC has been expanding its capabilities. It is developing a 7-nanometer chips for Huawei before the U.S. tightened export controls in 2022. The company is headquartered in Shanghai with operations in several Chinese cities and maintains a significant role in China's push for semiconductor self-reliance.
Below we are looking at the long term Elliott Wave view of SMIC
Monthly Elliott Wave View on SMIC
Monthly Elliott Wave view above suggests the stock ended wave (II) Grand Super Cycle at 1.1. The stock has rallied higher in wave (III) which subdivides into an impulse Elliott Wave structure. Up from wave (II), wave ((1)) ended at 10.9 and wave ((2)) ended at 2.36. The stock extended higher in wave ((3)) towards 14.76 and pullback in wave ((4)) ended at 5.88. The stock ended wave ((5)) higher at 44.8 which completed wave I in higher degree. Pullback in wave II ended at 13.88 with internal subdivision as a double three Elliott Wave structure. While the stock stays above 1.10, expect further upside in the stock. Pullback should find buyers in 3, 7, 11 swing.
Daily Elliott Wave View on SMIC
Daily Elliott Wave view of SMIC above shows that wave II pullback ended at 14.46. Internal subdivision of wave II unfolded as a double three Elliott Wave structure. Wave ((W)) ended at 14.64 and wave ((X)) ended at 25.75. Wave ((Y)) lower ended at 14.46 with internal subdivision as a zigzag structure. The stock has resumed higher in wave III. Up from wave II, wave (1) ended at 35.5 and wave (2) ended at 24.15. Expect the stock to end wave (3) soon. Afterwards, it should pullback in wave (4) before it resumes higher again.
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