The long-awaited Deep Crab Pattern in SNAP post-ipo is here! We are hitting the PRZ today = establishing The Terminal Bar! We look STARTING TOMORROW for execution confirmation. Utilize RSI reversal trigger AFTER this drop stabilizes.
HARMONIC PATTERN TIP: The Crab/Deep Crab Pattern employs a 1.618XA measure but is frequently exceeded. I add a 1.902 "LAYERED" XA extension to gauge the "overspill" action. In this case, I am looking in the larger 14-15 area - NOT JUST $15 as mentioned in earlier posts. This is a great opportunity for a post-ipo entry into SNAP. More to come...
So... Fundamentals mean nothing and technical analysis is everything? The huge thrashing SNAP is getting on all the news outlets and upcoming release of (and likely sell-off of) locked stock isn't going to serve as a severe short-term dampener? That doesn't through the true relative strength off (stock float is in flux, technicals are intended for steady-state)?
Hm. Gonna have to wait and see how this one plays out, but feels like wishful thinking to me.
Nice chart. I wonder how low can snap go down. Facebook/Instagram really put the hammer in the snap coffin with the Instagram story
stockoperatorjm
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Appreciate your work Mr.Carney. I think think this is a phenomenal play. Took the beginning plunge today. Hopefully not speaking too soon, but I like this gap retest so far.
AlphaSollertis
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By the way, I wonder how much $ you make with your projections.... You might consider going to Las Vegas, you might have better odds over there than NYSE ;)
AlphaSollertis
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Come on!!! Snap has a price target of $10 a share, once the target get hit, it will go up. For now it just results in minor ripples. You surely can profit by trading these ripples.... But don't get in line with every other looser who has published long positions on SNAP during the last 3 months.
Ooo, and the RSI reversal is coming anyway regardless of price movement.... it's an momentum indicator based on THE PRICE.... it will always have a tendency to return to its median level "50". Next time come up with a variety of indicators that produce uncorrelated results.
Hm. Gonna have to wait and see how this one plays out, but feels like wishful thinking to me.