SW1: Lets see if Elliott (wave) is as good as he says he is!I have had a couple of false starts with this Company, but I still think I'm on the right track. One thing Elliott wave is not good at is timing, although I find the targets usually eventually get hit. Bear in mind this is a medium term target so traders beware. Liquidity is medium/low and not a happy place for day traders!
Good luck and enjoy the ride!
SW1 trade ideas
SW1 Further TASW1: Further drill down of Wave 2 (corrective wave) has positively identified a double zigzag (5-3-5) with an intermediate A-B-C wave. Not only has it reached the 76% retracement we are seeing positive divergence from both Stochastics and RSI. I believe wave 2 corrective has now completed, and wave 3 has started.
Wave 3 usually the largest wave of a typical 5 wave structure, measuring between 1.61x and 2.61x of the length of wave 1, which in this instance is 44c. By adding that to the recent low of 26c, the chart measure to a wave 3 target of between 96.8c and $1.41.
SW1 extended corrective ABC wave completeSW1 has spent a full year correcting a 5 wave upward move (larger wave 1) from 14c to 60c with a typical A-B-C Corrective pattern subdivided into a basic 5-3-5 move. Furthermore, the corrective larger wave 2 has retraced 76% of larger wave 1.
We are now poised to start larger wave 3. Wave 3 typically is the largest move in a normal 5 wave sequence and usually either moves 161% or 262% of the length of wave 1. In this instance wave 3 target should hit a target of between $1.00 and $1.46 a share.
Time to buy up big!
SW1 corrective ABC wave 2 completeSW1 has spent a full year correcting a 5 wave upward move (larger wave 1) from 14c to 60c with a typical A-B-C Corrective pattern subdivided into a basic 5-3-5 move. Furthermore, the corrective larger wave 2 has retraced 76% of larger wave 1.
We are now poised to start larger wave 3. Wave 3 typically is the largest move in a normal 5 wave sequence and usually either moves 161% or 262% of the length of wave 1. In this instance wave 3 target should hit a target of between $1.00 and $1.46 a share.
Time to buy up big!
Time to BUY: SW1.AX has completed its wave 2 ABC consolidation.SW1.AX has completed its ABC consolidation. The 3rd big wave has begun from a low of 31c, and an expected target of between 1.61 and 2.61x the length of big wave one (18-60c) and which measured 42c. Therefore wave 3 target is expected to reach a minimum of 98c and a maximum of $1.42.
RSI is showing signs of bullish divergence and the share price has retraced 61.8% as part of this consolidation.