https://imgur.com/a/AghxfEz
After a sharp move from $63 to $128, SNEX has shown no meaningful pullback. The recent high near $128 marks the exhaustion of a multi-month impulse wave, with the stock now trading around $117.33.
Why the Short Makes Sense:
Overextended Rally:
The move from $63 to $128 occurred with no significant base-building or retracement.
Lack of Support Until $90:
Reviewing the chart structure, there's minimal historical support between $105 and $90, leaving the stock exposed if it begins to unwind.
AB=CD Completion + Fibonacci Confluence:
The current leg lower mirrors the earlier rally (AB = CD), with a measured target landing near $90.
50% Fibonacci retracement of the entire move also lands around $95.50 — a logical price magnet.
Trade Structure:
A 105/95 vertical put spread, priced at $145, offers strong convexity if SNEX falls into that open range.
This is a high-probability setup for a technical correction of ~23% from current levels, with clean structure, defined risk, and wide open space below.
After a sharp move from $63 to $128, SNEX has shown no meaningful pullback. The recent high near $128 marks the exhaustion of a multi-month impulse wave, with the stock now trading around $117.33.
Why the Short Makes Sense:
Overextended Rally:
The move from $63 to $128 occurred with no significant base-building or retracement.
Lack of Support Until $90:
Reviewing the chart structure, there's minimal historical support between $105 and $90, leaving the stock exposed if it begins to unwind.
AB=CD Completion + Fibonacci Confluence:
The current leg lower mirrors the earlier rally (AB = CD), with a measured target landing near $90.
50% Fibonacci retracement of the entire move also lands around $95.50 — a logical price magnet.
Trade Structure:
A 105/95 vertical put spread, priced at $145, offers strong convexity if SNEX falls into that open range.
This is a high-probability setup for a technical correction of ~23% from current levels, with clean structure, defined risk, and wide open space below.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.