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.
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Open | High | Low | Value | Volume |
56.5¢ | 56.5¢ | 55.0¢ | $15.76K | 28.26K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1770 | 56.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
59.0¢ | 6170 | 1 |
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No. | Vol. | Price($) |
---|---|---|
1 | 1770 | 0.560 |
1 | 10000 | 0.555 |
1 | 1700 | 0.545 |
1 | 33358 | 0.540 |
1 | 18867 | 0.535 |
Price($) | Vol. | No. |
---|---|---|
0.590 | 6170 | 1 |
0.595 | 4916 | 1 |
0.600 | 4144 | 1 |
0.610 | 10000 | 1 |
0.620 | 7000 | 2 |
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