Semiconductor Index Outlook: Upside Target Reached, Correction Underway

The article says the semiconductor index (SOX) reached its upside target near 14,000, peaking at 13,998 on June 3, and then sold off sharply, falling 15.9% in four days to around 11,900. Using Elliott Wave analysis, the author argues the index has entered a corrective fourth wave (W-iv) and may continue down toward the 10,000 area, with a broader target zone around 10,390-11,490. Despite the near-term correction, the longer-term setup remains constructive, with a potential fifth wave later projecting toward 15,000 +/- 1,000. Market impact: short-term bearish pressure on semiconductor-related equities, but the medium-term outlook remains bullish if support holds and the corrective phase completes.