The downward wave count appears to have been completed.
Wave 1 -consisting of 5 waves $2.99 to $1.99 (100 cents)
Wave 2 -consisting of 3 waves $1.99 to $2.30 (31 cents) The C wave is lower than the B wave ($2.35)
Wave 3 -consisting of 5 waves $2.30 to $1.07 (123 cents)
Wave 4 -consisting of 3 waves $1.07 to $1.75 (68 cents)
Wave 5 - consisting of 5 waves $1.75 to $0.99 (76 cents) The 3rd of 5 was at $0.95 lower than the failed 5th at $0.99.
The 5th wave was 38% (Fibonacci 38.2%) of the total length of the $2.00 5 wave move. You cannot be more exact than that.
The 5th wave failure should indicate a reversal.
Since the end of the 5 wave count at $0.99 SMN has risen $0.50 to the recent high of $1.49. Today's 17 cent decline to $1.34 should be seen as a buying opportunity as it could be the 2nd wave of the 1st in a new bull market for SMN.
The above is purely charting but as a chartist, it makes a lot of sense. This is the sort of formation that triggers a buying signal.
- Forums
- ASX - By Stock
- SMN
- Wave count completed
Wave count completed
-
- There are more pages in this discussion • 28 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add SMN (ASX) to my watchlist
(20min delay)
|
|||||
Last
41.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $56.31M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 35828 | 39.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
42.0¢ | 55156 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 35828 | 0.390 |
1 | 20000 | 0.380 |
2 | 12600 | 0.375 |
2 | 72500 | 0.370 |
1 | 13698 | 0.365 |
Price($) | Vol. | No. |
---|---|---|
0.420 | 55156 | 1 |
0.430 | 15000 | 1 |
0.445 | 3021 | 2 |
0.450 | 2000 | 1 |
0.455 | 2256 | 1 |
Last trade - 10.09am 04/07/2024 (20 minute delay) ? |
Featured News
SMN (ASX) Chart |
Day chart unavailable
The Watchlist
RCE
RECCE PHARMACEUTICALS LTD
James Graham, CEO
James Graham
CEO
Previous Video
Next Video
SPONSORED BY The Market Online