SMN 2.38% 43.0¢ structural monitoring systems plc

Wave count

  1. 1,773 Posts.
    lightbulb Created with Sketch. 330
    As always, there is always a possible negative & a possible positive wave count.

    The possible negative count, which is highly unlikely but all the same positive in the long term is that we are in the C wave of 2 having $2.07 the top of wave 1 & $1.34 the A wave of 2 & $1.75 the top of the B wave of 2.

    The probable positive count is that wave 2 concluded at $1.34 & we are in wave 3. There are two possible counts within wave 3. The first being that $1.75 was the top of wave 1 of 3 & has a perfectly legitimate 5 wave count within that move. That means we are in a 2nd corrective wave of the move up in this third wave.

    Now the exciting possibility is that the 1st move up in this 3rd wave concluded at $1.72 & since then we have had a running correction, $1.72 to $1.54 ($0.18) wave A, $1.54 to $1.75 ($0.21) wave B & $1.75 to $1.57 ($0.18) wave C.
    You should note that waves A & C are of equal length with wave B ($1.75) breaking the top of wave 1 ($1.72). That constitutes a running correction. The strong buying orders on the market at the moment seems to indicate that the share price is unlikely to go below $1.57.

    A running correction is an indication of strength & a strong positive move should be anticipated.

    The current length of waves within wave 3 indicates that these current waves are part of the 1st of the 1st of the 3rd.

    The two positive wave counts indicate 3rd wave targets of $3.93 or $4.14.
 
watchlist Created with Sketch. Add SMN (ASX) to my watchlist
(20min delay)
Last
43.0¢
Change
0.010(2.38%)
Mkt cap ! $58.82M
Open High Low Value Volume
43.0¢ 44.8¢ 43.0¢ $30.53K 70.14K

Buyers (Bids)

No. Vol. Price($)
1 5000 39.5¢
 

Sellers (Offers)

Price($) Vol. No.
46.0¢ 58725 3
View Market Depth
Last trade - 15.47pm 29/03/2024 (20 minute delay) ?
Last
43.5¢
  Change
0.010 ( 2.35 %)
Open High Low Volume
43.0¢ 44.0¢ 43.0¢ 16183
Last updated 15.47pm 29/03/2024 ?
SMN (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.