SPL chart

Hi Folks

Its a boring market today and I had time to revisit SPL, where I am a long, long time weary holder.

The recent announcement about Viraleze nasal spray going into production in Jan 2021, trying to hit the Euro markets in q1-q2 2021, caused a stir in the SP. This sort of action happens fairly often with SPL then followed by a pull back.

So I wanted to spend some time examining the short term charts and applying some fib's ( I find them a useful tool, I don't completely swear by them, but they help me not to be surprised by what eventuates) to set some targets to see if this recent announcement has some traction.

Caution needs to be taken when using very short term hourly Fibs.

Short term A wave (7 Dec) 1.255 to (10 Dec) 1.53 . Followed by a B wave (10 Dec) 1.53 to (11 Dec) 1.40 which was about a 46% retrace.

So these C wave extension targets I am proposing are a litmus test to see if the Viraleze announcement caused a change in perception of SPL.

C wave extensions Ext 23.6% = 1.595 , Ext 38.2% = 1.635 and Ext 50% = 1.665

So over the next week or so, if we manage to get up to the 1.60 - 1.64 range, then I will perceive that something has changed and will have more hope for the immediate future.

So if we get to 1.62 this will form a bigger A wave 1.255 to 1.62 . There will be a profit taking B wave following and then a bigger C wave.

But maybe I am getting too far ahead of myself.

This is how I deal with the market , so I am not surprised , DYOR

Here's hoping.

cheers Lies