# Semiconductors ETF (SMH) — Elliott Wave count, Nov 6, 2026

Semiconductors ETF (SMH) Elliott Wave count at the Nov 6, 2026 close (price 463.96): the called count is primary 4 of cycle V, (C) leg live, minor 5 under way. It is invalid below 283.07. On the daily chart, intermediate (C) of primary 4, down from $639.47 (2026-10-06), in progress, targeting 401.17 (invalid above 639.47).

Source: https://elliottwaveatlas.com/markets/smh · Data: https://elliottwaveatlas.com/data/markets/smh.json

## Called count
Primary 4 of cycle V: zigzag from $671.83, (C) live. Invalid below 283.07.

Structure: I $18.50 (2011-05), II $12.96 (2011-10), III $159.41 (2021-11), IV $83.49 (2022-10); V: 1 $283.07, 2 $170.11, 3 $671.83, 4 live.

What comes next: minute v to $439.69, minor 5 to $436.62, (C) completing primary 4 near $397.54-401.17, then primary 5 above $671.83.

## Levels by timeframe
| Timeframe | Degree | Wave | Target | Invalidation | Time window |
|---|---|---|---|---|---|
| Monthly | Cycle ↑ | cycle V of the supercycle advance, up from $83.49 (2022-10), in progress | 1,843.37 | 83.49 | 2028-12 → 2039-01 |
| Weekly | Primary ↓ | primary 4 of cycle V, down from $671.83 (2026-06-22) | 338.06–397.54 | 671.83 | 2026-12 → 2029-04 |
| Daily | Intermediate ↓ | intermediate (C) of primary 4, down from $639.47 (2026-10-06), in progress | 401.17 | 639.47 | 2026-11-12 → 2027-01-25 |
| Hourly | Minor ↓ | minor 5 of intermediate (C), down from $510.00 (2026-11-04 11:45 ET), in progress | 436.62 | 510 | 2026-11-07 → 2026-12-16 |
| 15-minute | Minute ↓ | minute v of minor 5, down from $476.25 (2026-11-06 09:45 ET), in progress as an ending (contracting) diagonal | 439.69 | 476.25 | 2026-11-06 → 2026-11-07 |


## Recent changes to the call
- 2026-10-16: new — primary 4 of cycle V, (C) leg live

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