It would appear that we may have just started the 3rd of the 3rd of the 3rd wave which should be a very powerful wave.
I believe wave 3 started at $1.05 bottom on 16 January.
The 1st of the 3rd was $1.05 to $2.40 ($1.35).
2nd of the 3rd was $2.40 to $1.56 ($0.84 or Fibonacci 61.8% correction)
1st of the 3rd of the 3rd $1.56 to $2.75 ($1.19)
2nd of the 3rd of the 3rd $2.75 to $2.14 ($0.61 one cent more than 50% retracement & double bottom)
3rd of the 3rd of the 3rd $2.14 to potentially $4.07, $4.52 or $5.25.
This last mentioned wave must finish significantly above the 1st of 3rd of the 3rd top ($2.75) to allow for a 4th of the 3rd of the 3rd correction to remain above $2.75 which it must do to have a valid wave count.
Normally in a 5 wave move one wave of either the 1st, 3rd or 5th is an extension wave & in this case it looks like it is the 3rd wave. An extension wave shows five distinct waves within that wave which means that it often looks like there are 9 waves in the overall move.
SMN Price at posting:
$2.26 Sentiment: Buy Disclosure: Held
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