Support Levels

How low can we go?

The market today has seen SMN open at $2.46 hit a high of $2.47 before falling to $2.30 on reasonably light volume.
A partial recovery has occurred to $2.40 but is currently $2.365. I see a close above $2.43 as being positive but if not then where is the support?

The correction is in an ABC formation, with the A wave 46.5 cents ($2.99-$2.525), B wave 43.5 cents ($2.525-$2.96) & the C wave so far 66 cents ($2.96-$2.30). The C wave length is so far 1.42 times the length of wave A. If we have a break below $2.30 then the major support should come in when the C wave is 1.618 times the length of the A wave. This mathematically comes in with a length of 75.237 & when deducted from the beginning of the C wave ($2.96) we have a target of $2.20763 or, in other words, a target of $2.20 or $2.21.

The next level of support is the 29th August low of $2.14. I would be surprised if this level was achieved.

Any buying at current levels should prove to be very profitable when major announcements are made early in 2017.

The next upward move should be considerable & in excess of $1.43 & likely to be about $2.31 in length which would double the recent low.