After huge gapup this morning similar to previous gapups SNAP is preparing for a huge correction.
- SPY / QQQ and broader market is currently setting up for an atleast smaller correction. A bigger correction is possible (the case if brexit discussion leads to more confusion etc etc.) - If correction would come to the whole market SNAP is a great tool to short downwards since it has seen a big positive corrective move lately.
- Chart is 15min. So this is really only a day trade to swing trade but expandable with pulling the SL properly to the downside. Be aware though that AMD is really volatile. - First Targets in the chart / If the whole market is up for a correction after this week, things can become really interesting on SNAP. - Always have a SL with SNAP ;-)
GL
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Little to no development. Looking for more downside volume to come.
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* waiting for a catalyst.
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- SNAP took a first hit..
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Perfect point to enter again. Gap below is waiting for you :-)
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And the gap much further away on the daily chart.
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We nocked on the first gapfill area on wednesday. Let's see what today brings :-).