Price rose strongly towards the target proposed below however further analysis suggested there may be a price channel as shown on the chart below. As that channel suggested a top of $0.94 (a price that coincided with another target calculation) I opted for the conservative option and exited my trade at that lower price rather than wait to see if the original target would be achieved.
23 October 2020
SVY is a volatile stock with challenging aspects for a chartist. For example, while Elliott Wave’s have been marked on the chart, I have reservations they are accurate. However, price has been trading above the blue dashed support line since 2017. It rose from a March low to make a new uptrend (Wave 1?) which rolled over and fell back exactly 50% of that earlier rise before turning up again to break the new downtrend line, making a higher trough and higher peak (if price rises another $0.01) – all of which are buy signals. Price has made a cup and handle pattern and assuming price pushes higher there is a target at $1.08.