TWTR update 08/23

TWTR: it’s been a while since I revisited its chart in detail, although my long-term target for a meaningfull low in the #13-$9 range remains and I continue to see price in major-5 of Primary-C of Cycle 2 until proven otherwise. The first chart shows the price-action since its IPO (2-day candles). It is instantly clear that price is in a (yellow) downtrend channel and it has to break above the upper yellow trendline to tell us that trend has changed.

TWTR daily

Zooming in on the daily chart, I’ve a hard time count the recent advance from the (red) intermediate-a to intermediate-b as 5 waves up; that’s clearly three in a 5-3-3 fashion. Price is now trying to break above the white down trend line and when/if it does, symmetry suggests we should expect ~$18. That’s also where horizontal S/R resides (red horizontal line). Hence, I place a tentative (green) minor-a and b label on the chart (with question marks obviously).

TWTR daily-detailed