SNBL is most probably in wave C of wave B or 2
If our wave count is correct then we are in wave 1 of wave C which will target 13.60 - 13 range but first it has to take out the below teal color trendline, there is a possibility that prices might start rising taking support from this trendline starting wave 2 but most probably prices will go down to 13.60 - 13 level.
This count of bearish wave C remains valid until prices goes above 22.50, once price breach 22.50 we will enter long position targeting 29.20 which aligns with our alternate count.
We are looking to take 2 trades out of this setup, first will be a long position as wave 2 & once wave 2 gets completed, we will enter short sell position as wave 3. Will share trade setups in due course.
We are bearish on SNBL and our preferred wave count target is 7.80 - 6.50 range on the long term charts.
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
If our wave count is correct then we are in wave 1 of wave C which will target 13.60 - 13 range but first it has to take out the below teal color trendline, there is a possibility that prices might start rising taking support from this trendline starting wave 2 but most probably prices will go down to 13.60 - 13 level.
This count of bearish wave C remains valid until prices goes above 22.50, once price breach 22.50 we will enter long position targeting 29.20 which aligns with our alternate count.
We are looking to take 2 trades out of this setup, first will be a long position as wave 2 & once wave 2 gets completed, we will enter short sell position as wave 3. Will share trade setups in due course.
We are bearish on SNBL and our preferred wave count target is 7.80 - 6.50 range on the long term charts.
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Note
Update:Prices have moved down as expected. We do not recommend just a simple buy at 13.60- 13 level, prices need to bounce from the buy zone first.
will share the trade setup once price reach our buy zone
Note
Update:Prices have reached the trendline, if bulls need to stay in control then this trendline should hold. Prices might bounce back up from here towards 17.10 - 17-30 level before further decline.
Note
Update:Prices have moved down the trendline, now prices can start a consolidation upward at any point and the wave count will still remain valid but as per our preferred count and calculations prices should reach 13.60 - 13 range which creates a good buy zone.
Alternately if prices start to rise from here and go above 17.10 level then we will mark this impulse wave completed and will forward to short sell it from above.
Note
Update:Prices made a nice hammer candlestick on the daily chart indicating that this wave might be over and the rise has started, if prices do start to rise it might reach 17.60 - 18.30 level. However we are still not convinced with this therefore we are not taking any long positions.
We are all eyes on weekly chart now, if the candlestick takes the shape of hammer on the weekly chart as well then we will mark it as completed. Alternately if prices close near 14.75 or take a shape of a normal bearish candle then we will continue to seek our buy zone price of 13.60 - 13
Note
Update:Prices have declined toward 14 today and most probably will reach 13.60 - 13 level within this week.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.