Two observations on $TWTR:
- The correction in May came to the 50% retracement area of the advance from the COVID lows. And the second advance has retraced 61.8% of its own smaller advance (these are the two orange boxes below the price action). That fits the basic criteria for a 1-2-1-2.
- It is also forming an ascending triangle, which, in this instance, is also effectively an inverse.
Now, we need to clear the trend line, but if we can: target is the orange box.
[UPDATE]: Since the price action has broken down twice now from this structure, I am beginning to doubt it. I am going to cancel this call while we are still close to price we were at when I made the original call. I will need to monitor the price action from here prior to making another call.
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