quick idea:
SNAP has been on an amazing rally - however - I think the time has come for the fun to end. When looking for the most egregious examples of high valuation in the market might now, snap is definitely up there.
After counting waves several times I came to the conclusion that SNAP is like many other tickers on the market near in a fifth wave completion. It is also difficult to ignore the divergence on the MACD that has been building since late October (short term bear div on rsi as well). Divergence can go on for a long time but after five months, almost half a year, it's likely that a correction/significant retrace to previous support levels will happen.
There may be a pop after market open but my guess is a strong sell-off will begin this week.
SNAP has been on an amazing rally - however - I think the time has come for the fun to end. When looking for the most egregious examples of high valuation in the market might now, snap is definitely up there.
After counting waves several times I came to the conclusion that SNAP is like many other tickers on the market near in a fifth wave completion. It is also difficult to ignore the divergence on the MACD that has been building since late October (short term bear div on rsi as well). Divergence can go on for a long time but after five months, almost half a year, it's likely that a correction/significant retrace to previous support levels will happen.
There may be a pop after market open but my guess is a strong sell-off will begin this week.
Ghi chú
BOA & Morgan Stanley Upgrades Snap Inc (SNAP) Today to Buy/Overweight on 'Sizing Core + Discover + Spotlight + Maps', $70/$80 PT respectively - I think this is the catalyst for the pop at market open before the subsequent selloffGiao dịch đang hoạt động
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This played out almost exactly as I drew it up. Love it when that happens
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Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.