SUMMARY
SONM (SNM/BTC) is shaping out a Cup & Handle consolidation pattern which had started back in October of 2017, so yes, the pattern is quite lethargic in progress. However, the pattern seems near complete. The cup has been formed and the handle is in progress. The whole SNM chart starts with an ABC (red) correction as shown in below chart. The wxyxz triple combo labeling fits well into the scenario of an elongated handle formation.
The blue impulse waves often compose the right wall of the cup pattern. The subwaves of wave Z is always an abc (red) and likely a zigzag (5,3,5). The volume also bowls in confirmation for the rounded bottom of price.
Closeup shows the WXYXZ but the subwaves of the red C of the subwave ABC of Z. The blue impulse waves represent the subwaves of wave C in five. So, 5 of C of Z is nearly complete and IF correct; a trend reversal point could be close at hand.
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