SNBL PROBABLY IN WAVE 'C' OF B or 2SNBL 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.
