The correction in the SMH does not appear complete. One possible scenario is shown above, which shows wave c down yet to come.
This pattern in the SMH is currently about the clearest that we have among the major indexes. If wave c takes the same amount of time as wave a, then we can expect a bottom around August 25, just ahead of the end of the month bullish period.
September 1 is typically a strong bullish day. We then have the Tuesday following the 3 day weekend for labor day, which is typically bullish. So, if we can make it through one more week unscathed, we should be ready to blast off again in September to round off this incredible rally from the March low.