Snap Inc. (SNAP) ... More than Finger Excercise ??

31 thg 1, 2023

I am always intrigued with patterns (harmonic) within patterns.

Snap Inc. (Snap) fits that bill.

(1) The Original pattern is a Cypher, which began life around Dec, 20th 2022.
Target 1 has been met and I have marked Targets 2,3 and 4.

(2 ) Coincidentally this is may be the beginning of a larger bearish harmonic pattern, whose beginning I marked as last September.
The extent of Leg D is undetermined, but it has the potential of forming a harmonic Butterfly, Bat or Deep Crab
These objectives have also been marked.

(3 ) Not withstanding the above, recent price action appears a little extended and I have marked an Extended ABCD pattern
as a short term reversal point. This may cause a pull back to 1/3 to 1/2 of the recent rally. This area is also outlined.

(4) I have also marked the AC leg of this potential Butterfly/Bat/Deep Crab harmonic with an extended dotted line.
The fact that this was broken today is a good thing, although often price action through a trendline often requires a retest.

Of course everyone is waiting for the Fed's action tomorrow. So pay attention to broader markets, be nimble and cautious.

As always do your own due diligence.

I will update as necessary.

Good Luck

S.

1 thg 2, 2023

Ghi chú

That was quick... still overbought IMHO