SNAP, Inc.

Updated June 6, 2019

Almost 2 months since I last updated this ticker and back then I found “Counts best as having completed its primary C wave late 2018 and now also having completed major-1 of Primary-I, (or wave-a of a larger B wave bounce as one never knows for certain if a new Bull has started; but regardless price should eventually move higher). Price should now be in major-2/b targeting upper support at around $9.25-8.75 before wave-3/c starts to at least $17 but ideally for an impulse to as high as $24-$25 for Primary-I (and assuming a standard impulse Fib-extension pattern with wave 5 = 2.0x 1, measured from 2). Price could move as low as $6.60 for gap fill, a 76.40% retrace, and which is also strong support. But for now I expect the 200d SMA to hold. If it doesn’t than $6.60 is indeed most likely next.

Well, the 50d SMA held support in this case and price is already making new uptrend highs. There’s a lot of big call buying coming in, which supports the notion that a larger up move is setting up. In this case wave-i if 3 should be underway. The Fib-extensions show how ideally, using standard Fib-extensions and retraces major-3 will transpire. For now this is as far ahead as I would like to to look.

A break below $11.50 is needed from current levels to suggest something else is going on (more complex correction). But the daily chart looks long and strong and higher prices seem at this stage more likely than lower.