The downward wave count appears to have been completed. Wave 1...

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.