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!
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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?

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