I am always intrigued with patterns (harmonic) within patterns.
Snap Inc. (Snap) fits that bill.
(1) The Original pattern is a Cypher, which began life around Dec, 20th 2022.
Target 1 has been met and I have marked Targets 2,3 and 4.
(2 ) Coincidentally this is may be the beginning of a larger bearish harmonic pattern, whose beginning I marked as last September.
The extent of Leg D is undetermined, but it has the potential of forming a harmonic Butterfly, Bat or Deep Crab
These objectives have also been marked.
(3 ) Not withstanding the above, recent price action appears a little extended and I have marked an Extended ABCD pattern
as a short term reversal point. This may cause a pull back to 1/3 to 1/2 of the recent rally. This area is also outlined.
(4) I have also marked the AC leg of this potential Butterfly/Bat/Deep Crab harmonic with an extended dotted line.
The fact that this was broken today is a good thing, although often price action through a trendline often requires a retest.
Of course everyone is waiting for the Fed's action tomorrow. So pay attention to broader markets, be nimble and cautious.
As always do your own due diligence.
I will update as necessary.
Good Luck
S.
Snap Inc. (Snap) fits that bill.
(1) The Original pattern is a Cypher, which began life around Dec, 20th 2022.
Target 1 has been met and I have marked Targets 2,3 and 4.
(2 ) Coincidentally this is may be the beginning of a larger bearish harmonic pattern, whose beginning I marked as last September.
The extent of Leg D is undetermined, but it has the potential of forming a harmonic Butterfly, Bat or Deep Crab
These objectives have also been marked.
(3 ) Not withstanding the above, recent price action appears a little extended and I have marked an Extended ABCD pattern
as a short term reversal point. This may cause a pull back to 1/3 to 1/2 of the recent rally. This area is also outlined.
(4) I have also marked the AC leg of this potential Butterfly/Bat/Deep Crab harmonic with an extended dotted line.
The fact that this was broken today is a good thing, although often price action through a trendline often requires a retest.
Of course everyone is waiting for the Fed's action tomorrow. So pay attention to broader markets, be nimble and cautious.
As always do your own due diligence.
I will update as necessary.
Good Luck
S.
Comment:
That was quick... still overbought IMHO
