SMN - Chart, page-1387

The 38.2% retracement of the 20c first wave move up to 85c has been broken & we currently have a second wave bottom of 75c which is a 50% retracement.

The most common second wave retracement of a first wave is 61.8%. This would put a target low or technical support @ 72.5c. A break below this support would tend to negate this attempt of the wave count. Should the support hold then the minimum length of the third wave should be 32c.

The deeper the correction of a second wave the more likely a longer third wave. Consequently, 2 times or 2.618 times the length of the first wave would be a likely outcome if the second wave is 61.8% of the first wave.

The reason for the longer third wave is that it needs to be long enough for the 4th wave to remain above the top of the 1st wave.

This mornings price action should give an indication as to whether or not we have commenced a bullish move up or are still in a corrective mode.