Hi everyone, it has been a while, but I am starting to get back into trading. I needed some time to just collect my thoughts and look at trading in a new perspective. So here it is
In short: Twitter is looking bearish
Elliottwave analysis: It seems to me that on the longer term we have finished an a,b,c move, meaning we are headed downwards. If it is a wave one...
Today's breakout was strong and "unchallenged" - comes with a backdrop of strong demand (v.viewer) and bullish sentiment (green area in UTO)
it's a clear comparison versus the 2 prior breakout attempts (yellow circles) where both attempts received headwind from sellers (long wicks in both bars) which didn't happen this time. fingers crossed for the next 2...
Having a go at posting $TWTR again as it looks like a solid long despite market weakness. Tried posting on $TWTR back at $38 but apparently that was deleted by TradingView. Sometimes patience pays off and it seems like we have another entry to a possible multi-year trend line breakout.
$TWTR has strong trend line support since March & has acted rather well when...
I dont see any plays on this chart. TWTR has an absolute massive down trend line that is coming up close. It is continually creating rising wedges that are breaking. This will probably consolidate over the next few weeks.
If TWTR does not crack resistance this morning and rips to 42. You could see a possible pullback to 40ish to set up for an inverted H&S. I don't really trade with this pattern often so this could be irrelevant. However, LONG TWTR
As you can see, Twitter is making a scary monster face. Looks like we should break up from the current level and bounce off the eyebrow line S/R flip and orderblock resistance in the manner shown by the ABC line on the chart.
Reversal on 23 July at 6 Feb high 39.64. If it reverse around near level I will take a short position. I beed to see one of the reversal signs before entry, such as good reversal bar, pin bar, strong bear bar.