SLE

I've decided to close my longs from 6.5p and 6.95p today at 8.2p, a little short of my target at 8.7p.

My reason is that it appears to be firmly into a 5th wave up from the lows and I also have to take account of the spread and how quickly these penny shares can move. Basically, I see upside as very limited from here in the short term and would prefer to bank my profit and wait for a retrace.

I still think it'll get to 8.7p on the ask side, but the spread may be quite wide at that level as often happens at a key resistance on AIM stocks.



dl.dropboxusercontent.com/u/20815047/SLEdaily17_05_13.gif

bank bank bank profit is the name of the game.... kudos

Hi Jackozy - I managed to squeeze out 8.29! It would appear that it did not quite break through 8.5 area - would you agree it is possibly heading down to consolidate around 7.7 before another attempt at 8.7 - Many Thanks SE

Hi SE,

No, IF it doesn't go any higher than this then I'd expect a drop back to the 61 Fib at 6p. If it does go on to 8.7p then that Fib level rises to 6.2p.

Best just to wait and see though.

Ok - So from TA perspective this is potentially a wave 2 corrective wave if 8.7 not taken out with Fibs something like attached - Many thanks

screencast.com/t/s6nixZZ2j

That's how I see it, yes.

Could be wrong of course. I do think there ought to still be a final push to 8.7p though.