SNAP: An IPO That Started as a Correction!!

SUMMARY

SNAP went IPO in late March and it just crashed and burned! Talk about starting it's publicly traded life as a correction! The ABC label below shows that wave A must have been quite painful for many of the founders who were locked in for 6 months or so. But such time freeze can be beneficial because it allows the correction to proceed and and the sellers to dissipate. By wave C, I believe the sellers would have spent all their ammo!

This correction is well labeled as a ZigZag (5,3,5). The five subwaves of A fit quite well; the blue abc jive well as the B wave's subwaves. For C, subwaves 1,2,3 and 4 seem complete and five should be also. Once complete, the price trend reversal could become mighty! I believe that the best time to buy is at the terminal end of a correction. Would you say the current stage is at the beginning or terminal end of such a correction?

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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