A Target Price for $SNAP

I last posted about $SNAP here, at which time I expected the advance to be ending, which we got, and since then the stock has fallen dramatically. As we stand now, I do not believe the decline is yet complete. And there are two fib extensions that land on the exact same price, which makes them a terrific target for the completion of its bear market. I have noted that on the chart below. On a percentage basis, it’s still almost 40% below its present price. But, down there, it may bottom for a very long time.

SNAP


[Update]: This hit the target so fast that I doubt it will be such a long-term bottom. I will look to see if there is a lower target on this soon.


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.


$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 Read more “$SNAP Shouldn’t Be Too Snappy for a While Yet”


Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.