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SLE daily 21/05/13

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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.
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