$SMH Iron Butterfly Opportunity

SMH is currently short-term overbought as the ETF has risen from about 98 to above 116 before shedding gains. Because of it's short-term overbought status, it might look like a good short opportunity. However, I think it SMH might lurk between 110 and 116 as the overall market digests Trade War news and the now questionable expected rate-CUT from the Fed in July. Since implied volatility is low, an Iron Butterfly typically will perform better than an Iron condor, or naked equivalents.