ON Semi - possible ABC correction

ON semi pattern is a bit sceptical. The stock was in a super uptrend peaking at ATH 111+ tested 87-89 area, broke out to 111, but quickly reversed in few weeks and again couple times tested the same resistance of 87-89.

Assuming 111 was an end of wave 5, as we did not have other highs tested, we are now in a serious ABC correction shaping a H&S pattern as tentatively indicated in the chart. Fairness sake would not presume it’s a true H&S, as there is no boost in volume on red candles of the right shoulder as well as the height of a neckline should bring the stock in theory down to 8 what either makes no sense.

Out of ABC correction wave (A) reversed fibo 0.768 of wave (5) ending at neckline 61.50, then wave (B) retraced 0.5 of wave (A) to 87 resistance mentioned above. Hence, correction wave (C) should be as long as either 25 (fibo 0.5 W(A)), or 31 (fibo .618 W(A)). The former brings us to 62, while the latter matches the H&S hypothetical neckline of 56. I wonder to see if it tests 56 and if it does break, then it’s not an ABC correction of the uptrend, but a downtrend as such and we are in wave (3) of the downtrend!