January 8th, 2014: Initial TWTR Wave Count
Posted by pugsma on January 8, 2014
1-9-14, 10:55 am EST: Here is a more detailed look at the TWTR wave count on the 15-min chart. TWTR looks to be in a wave (5) of minor C of major [4] wave down with targets at (5)=0.62*(1)=56.94 or (5)=(1)=54.31. There is also the minor C=A=54.31. The 50% retrace of major [3] is at 56.79. And the wave minor 4 of major [3] (i.e. the wave 4 of previous degree is at 54.23). So there is a lot of confluence of targets in the 54-57 area to complete this major [4] wave. It will take a move above 63.50 to confirm that the minor C of major [4] wave has ended and that major [5] up has begun headed for a target in the 80-82 area.
TWTR 15-min chart (1-9-14 mid-day):
TWTR 60-min chart (1-9-14, mid-day):
9:30 pm EST: Tonight I’m posting my initial TWTR wave count.
TWTR IPO’ed at $26 and quickly moved up to $50.09 in a wave [1]. Then TWTR corrected nearly 50% in wave [2] down to $38.91. Next TWTR made an impressive wave [3] move up to $74.67, which was nearly a perfect major [3]=1.62*[1] Fibonacci extension of major [1]. From $74.67 TWRT has again been correcting in a minor A-B-C Zig-Zag for major [4] wave that has so far hit $57.92 as of today. The $57.92 level hit the lower channel edge and is again near a 50% retrace of the major [3] wave at $56.79. There is also a C=A target lower at $54.33.
Assuming $57.92 holds as the major [4], we can project a third and final major [5] push up to $82.01, where major [5]=[1].
This TWTR wave count remains valid as long as major [4] holds the major [1] high of $50.09.
TWTR 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=39681c11-09cc-44ca-a44e-d63b9cc22a7b
TWTR 60-min chart (EOD):
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