$SNAP Shouldn’t Be Too Snappy for a While Yet

Last discussed here, $SNAP is, on my interpretation, entering its fourth intermediate wave that would typically take it to the lower bound of the orange box. I’ve projected it as a triangle here, but of course it can take any form it needs to. The general thought here is that if it is, in fact, entering a 4th wave, these tend to be more sideways than they are up and down. That said, it doesn’t always mean we want to entirely avoid them because we don’t really know the shape it will take.

One promising feature for anyone looking for a short is what I believe is an ending diagonal for minor (green) 5. That may indicate that the first leg down will be swift, as these structures can break down hard. For that, we may target the origin of the wedge, which may send us deep into the box early.

SNAP


[UPDATE]: As we have plunged deep into the target box as expected, I will file this under “Successful Calls.” I will need to monitor the correction for a bit now prior to making a new call.

SNAP

2 thoughts on “$SNAP Shouldn’t Be Too Snappy for a While Yet”

  1. After the large drop, with an extended correction ahead, sell volatility and get paid to wait?
    example: sell Nov 40/50/60/70 iron condor for ~2.85

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