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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):

PUG TWTR 15-min chart MD 1-9-14

TWTR 60-min chart (1-9-14, mid-day):

PUG TWTR 60-min chart MD 1-9-14

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):

PUG TWTR 60-min chart EOD 1-8-14

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