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.
Nota
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 selloffDagangan aktif
Dagangan aktif
Dagangan ditutup secara manual
This played out almost exactly as I drew it up. Love it when that happens
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.