oh SNAP...is that a reverse H&S or are you just happy to see me?
Looking at SNAP it's been gaining some steam in the past months, Seeing more than 200% gains off the March lows. Not only that, but arch-rival FB has been in hot water all year and there's concern about their business being broken up to prevent monopolistic practices. Is this an opportunity for SNAP? Is this an opportunity for you?
With that being said, a strange and exciting pattern has formed in this chart. What's more, is the potential impulse wave that is forming on the chart and the steady volume to go with it!
Now the Risk to Reward setup here really depends on your how much you are willing to lose to bet on some gains on a breakout? Depending on your time range, you could make a quick buck and then keep some SNAP for the new 3rd wave cycle that could then form if we do reach new All-Time Highs (ATH).
BUT... if we are dreaming through our SNAP spectacles again, then we could be willing to take up to a 25% loss to gain 30-40% and then have a nice set up for a larger swing trade.
I'm already in this one ever since the 4 Tech Titans were on the hot seat in front of Congress. After making this chart I might want more. What do you say?
With that being said, a strange and exciting pattern has formed in this chart. What's more, is the potential impulse wave that is forming on the chart and the steady volume to go with it!
Now the Risk to Reward setup here really depends on your how much you are willing to lose to bet on some gains on a breakout? Depending on your time range, you could make a quick buck and then keep some SNAP for the new 3rd wave cycle that could then form if we do reach new All-Time Highs (ATH).
BUT... if we are dreaming through our SNAP spectacles again, then we could be willing to take up to a 25% loss to gain 30-40% and then have a nice set up for a larger swing trade.
I'm already in this one ever since the 4 Tech Titans were on the hot seat in front of Congress. After making this chart I might want more. What do you say?