Snap Inc. Bullish Sequence Supporting Further Upside

Snap Inc. is an American camera and social media company which has three products: Snapchat, Spectacles, and Bitmoji.

Last year, SNAP ended up with +195% gains as the stock saw an impressive 5 waves advance allowing it to establish a new bullish cycle which made the corrective pullbacks as another opportunity for buyers to join the trend.

With the start of this new year, SNAP managed to rally higher again breaking above July 2019 peak opening an incomplete bullish sequence from December 2018 low and aiming for a minimum target at equal legs area $26 – $34. Therefore, the stock will be looking to remain supported during pullbacks in 3, 7 or 11 swings against $12.7 for the the cycle to continue higher.

Current 4 Hour impulsive cycle taking place since October 2019 is showing an incomplete sequence as the stock is looking to establish 5 waves structure which still missing the 5th wave ((3)) followed by pullback in wave ((4)) before another rally in wave ((5)) to end the initial first leg of the new bullish cycle. Then a corrective 3 waves pullback is expected to take place before the stock can again resume the rally within the main bullish trend.

SNAP Daily Chart