It seems that the CR and attached options has had a serious effect on the SP on the weekly chart.
On another SMN thread I posted that the CR and options created a dilemma for me. I am a chartist so I thought I would take a look at the weekly charts since the CR news broke.
There is an obvious A-B-C down-wave in action. It was confirmed when the SP sailed by the bottom of the A-wave at 53 and proved that the B-wave bounce up to the 61% retracement FIB was indeed a DCB.
If I was confronted with this chart with no company name attached I would point first to two potential target areas for the C-wave down-ward extention. The first potential target area which is very common is between the 23-38% FIB.
The 2nd potential target area ( less common but not rare at all) is between the 38-50% FIB. With last weeks dramatic slide I wouldn't rule this area out.
Just the way I deal with the markets so that I am not surprised by what plays out. As Always DYOR.
Cheers Lies
SMN Price at posting:
50.5¢ Sentiment: Hold Disclosure: Held
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