SLE

Looks like it might be heading back to 6p or is this a shake prior to news? I make 6.95p as the line in the sand on the daily (as potentially being the bottom of wave 4 of this move)

Anyone still in this looking for 8.7 or has everyone bailed?

This was a good example of how a 5th wave can be a bit unpredictable and fail to reach the target. Today's drop confirms the end of the initial move up though there should be a bounce off 7p as this was the intial breakout and will also be the backtest of the trendline break.

What we're looking for here is a nice 3 wave move down. The question is: how far will it go? Normally after an initial move up after a long downtrend we'd expect something like a 61.8% retrace but the diagonal triangle nature of this rise, coupled with the failed 5th subwave in it allows for the possibility of a full 100% retrace so we need to expect somewhere between 6p and 4.6p as the target for this retrace. And there was a gap up on 19th April from the 5p close which didn't get properly filled so we'll keep one eye on that too.



dl.dropboxusercontent.com/u/20815047/SLEdaily21_05_13.gif

screencast.com/t/0jNrpT5f5kO

Is this the early formation of an inverted H & S?

It has completed a 3 wave move down following the 5 wave move up - just unsure if it has bounced off any significant support and volume still weak. Any views?

The key levels on SLE are 5.8p to avoid a 5th wave down and 6.75p to break the first low. If this is bullish then it should have the following count:



dl.dropboxusercontent.com/u/20815047/FTS...SLEdaily11_06_13.gif

PS Note the inside bar from yesterday - again this signals the uncertainty. Is it a triangle wave 4 or part of a new wave up?

It's a classic place to have an inside bar.

Well this broke down through 5.8 - Altghough appears to have bounced having closed the Gap.
So hoping that was the bottom of wave 2