Support level

Two calculations reveal the same support level.

1. It would appear that SMN price chart has completed a 5 wave move from $0.86 to $1.33. This should now be seen as wave 1 of a higher degree. We should expect wave 2 to be 61.8% of wave 1 ($0.47 x 0.618) = $0.29.
$1.33-$0.29 = $1.04.

2. Wave A of 2 ($1.33-1.18) = $0.15. Wave B ($1.18 - $1.28) $0.10. If wave C is, as expected, 1.618 x wave A ($0.15) = $0.24. Then wave B - wave C ($1.28 - $0.24 = $1.04.

Both calculations indicate that if the price approaches $1.04 then there should be some serious resistance from a technical point of view.

It is after wave 2 has been completed that the usually powerful wave 3 is expected. When you have a 61.8% correction in wave 2, wave 3 should be a minimum of 1.618 times wave 1. This would give us a minimum target for wave 3 of $1.80 based on a $1.04 low. The 3rd wave should be at least $0.76 at the very minimum.

If approval is granted shortly, it will fall in line with what is expected on the chart & the price will explode.