It seems we have a good setup here for 2 trades. The first is a SHORT and the second is a LONG, after the harmonic pattern confirmation.
This seems to be a very high probability trade on the Daily for Twitter Inc, where price action has reached a significant resistance area and point in the structure, at the top of the channel/trendline, where a very high probability of a retracement will occur and a good signal for entry to a SHORT at the breakout of structure. My elliott wave count currently shows a Wave 5 in progress on the Intermediate period, where Wave 5 exit/target would be at around $9.64. Current position of Wave 5 seems to around the 30% mark, so there is significant profit to be made by SHORTING this stock once the breakout signal is shown by the Price action.
TDI not only shows massively Overbought position, but we have what is no doubt a Sharkfin out of the water with blood around it, signaling a very high probability of a SHORT as well.
In my opinion, there is a good opportunity to Enter into a SHORT on this stock and trade it to the bottom of the Wave 5 Intermediate. Once that is reached, we should have confirmed a Bullish Butterfly Harmonic Pattern, which would then provide a good signal for a LONG entry to trade the Corrective ABC waves.
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