You probably think: oh no, not another TWTR update…. But, I wanted to post both tickers together as they have similar patterns and appear to be in similar wave counts. Namely, both have either finished 4th waves and are heading for lower lows towards their ultimate lows. Or both have completed their first waves up as expanding diagonals (very tricky pattern…)
GPRO: failed to reach it’s $20 breakout target. If a stock fails to reach a simple symmetry breakout target it means that’s bearish as there’s not even buying to go around to get it there. There’s still too much selling. Price got stuck in the $17-$20 S/R zone and dropped below it. A break above the “4? or i?” high suggests “i?” and then wave iii is underway (long it), while a break “v? 3?” targets high to mid-single digits and will also be a buy.
TWTR: Same deal as GPRO obviously. Counts internally very well as an impulse down and corrective up. Price broke below the lower yellow trendline (support), which is bearish. Yellow 4 can be a wave-i. Break above $25 high can be longed for a wave iii, iv and v to high-$30s and beyond. Break below $14 targets our long term ideal buy zone of $13-$9 to complete clear 5 waves down 🙂 That be sweet target 🙂