Stanley968

Last SHORT before uptrend

Short
LSE:SNR   SENIOR PLC 10P
SNR looks bearish on 1h chart but retesting 2009 lows is unlikely. The bottom must be very close now, 40-50 could be an excellent entry point.
Comment: Globally: Senior Plc 10 year weekly chart shows that we are somewhere at the end of corrective wave C (Elliott).
After a sharp drop on 19 March, the SP had a strong intraday re-bound. For about a month the 60 support/resistance was active but bears managed to push it further down to 55. The break through occurred when the (brown) trend line met the lower (green) support line (picture a triangle). Currently testing 55 from below.

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i think a bit of context would be helpful
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Stanley968 virtualtechie11
@virtualtechie11, Globally: Senior Plc 10 year weekly chart shows that we are somewhere at the end of corrective wave C (Elliott).
After a sharp drop on 19 March, the SP had a strong intraday re-bound. For about a month the 60 support/resistance was active but bears managed to push the SP further down to 55. The break through occurred when the brown trend line met the support line (picture a triangle). Now we've been rejected at 55 from below.
Why the SP can go further down? 1) No signs indicating a change of trend, i.e. a strong re-bound from 45 for a double bottom, inverse head and shoulders or any other "long pattern".
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