The SMN share price paused at the recent high for a technical...

The SMN share price paused at the recent high for a technical reason. $1.91 is the top of the 3rd wave of the 1st. We should expect a short term pullback that technically could go to $1.71 (23.6%)or even $1.63 (38.2%) but should not go lower than $1.485. This pullback will be the 4th wave of the 1st.

To explain each wave look for the 1/1 to be $0.95 to $1.40 followed by a/2/1 $1.40 to $0.99 then b/2/1 $0.99 to $1.485 then c/2/1 $1.485 to $1.185 (note the 2nd wave was a running correction, i.e. the b wave of 2 was higher than the 1st & the c wave was higher than the a wave of 2).

Importantly the 3rd of the 1st wave, $1.185 to $1.91 ($0.725) is Fibonacci 1.618 times the length of the $0.45 1st of the 1st wave. This is perfect Elliott Wave theory.

The 5th wave of the 1st is usually Fibonacci related to the 1st of the 1st or the entire 5 wave move. For it to be Fibonacci related to the entire 5 wave move take $0.95 from the bottom of the 4th of the 1st & use that number multiplied by a Fibonacci number & add to the bottom of the 4th/1st wave.

For an example assume $1.71 is the bottom of 4th of 1st then $1.71-$0.95=$0.76 X 0.618=$0.47.
Add $0.47 to $1.71=$2.18. Note that the $0.47 calculation is similar to the 1/1 wave of $0.45.

It is more than likely that this 5 wave move is of a relatively minor degree in the overall scheme of things.

The main reason for this posting is to point out the relevance of the $1.91 temporary high & why we have paused at that price which is purely technical.