On Friday I wrote a piece on www.chartsview.co.uk illustrating the two main possibilities for SLE now it appears to have bounced off the gap up from a few weeks ago.

Here we have the bullish option where we've just had the end of a wave 2 (ie a higher low). This should result in a move up towards the recent 8.5p high (in 5 mini sub-waves) followed by a 50-60% retrace and then a breakout to new highs substantially above 8.5p. I've actually started to doubt this option due the the wedge shape on the last rise (a bear pennant), the fact that it's dropped back below the old downtrend resistance (causing a false breakout) and the apparent 5 wave move down from 8.5p to Thursday's low. The bearish option is as follows:

In this case SLE ought to be due a bounce anyway after forming a 5 wave pattern down. This bounce would take the form of a 3 wave move probably going no higher (and quite possibly not even as far as) the 61.8% Fib of the drop at about 7.2p.