SRNE finished a deeper than expected 0.88 retracement to complete a wave 2 of a larger degree wave (3) around mid May and since then has had a nice impulse to the upside. From an Elliott Wave perspective, there is plenty of upside for SRNE to run. Currently waiting for a shallow pull-back to around $8.50-8.00 range before entering long.
*Dates on chart don't represent timeline expectation.
*Dates on chart don't represent timeline expectation.
Trade active:
It appears the smaller wave ii of the indicated wave 1 is complete at ~61.8% retracement (~$7.70) and wave iii is underway.
Entry: 200 shares at $8.10
Target: $12
Stop loss: $7.05 (will move up as price moves up - fingers crossed)
Entry: 200 shares at $8.10
Target: $12
Stop loss: $7.05 (will move up as price moves up - fingers crossed)