The AB=CD completion at 13.85 was hit yesterday and reversed hard today.
RSI has triggered out after a delayed reaction.
Since the AB=CD from the peak of the ipo is defining the extreme structural limit, the recent low at 13.15 serves as the acceptable tolerance.
At a minimum, the initial reaction at the entry zone in the 13.85 level is another positive day away from starting a countertrend reaction but the measured conditions have been realized to look at this reversal as the start of something bigger. The extent of the decline has been severe into the PRZ but this entire scenario is unfolding nearly 2 weeks before Snap Inc. is expected to report earnings on 08/10. The increased pre-earnings activity adds a hyper-level of trading behavior that will continue to pick up over the next 2 weeks. Stay tuned.
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