SONM (SNM) Putting in a Double Rounded Price Formation

SUMMARY

SONM (SNM/BTC) initially declined in an ABC correction as confirmed by the subwaves. Subsequently, a trend reversal was signaled by white impulse waves and the current correction in progress is likely to generate an incremental lower low but not an all time newer low.

Subwaves for the blue rounded price pattern is shown as a complex wxyxz (blue) and the final blue z is currently being worked on. It is likely to generate a lower low as the MACD also shows a probability of the white line crossing down the 26 day red moving average. Could an all time new low be put in? Yes, if Bitcoin takes a dive but that is not the case currently.

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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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