SNPS – Dangerous Correction Wave Nearing Completion?

19 May

The wave structure marked in red often indicates a corrective move. While it appears impulsive at first glance, such formations typically end with a strong candle in the direction of the trend, followed by a full retracement.

This rally is likely not a new bullish impulse but a complex correction within a broader downtrend. Volume remains relatively muted compared to previous sell-offs, reinforcing the corrective nature of the current wave.

Due to the structure's unreliability and tendency to reverse sharply, this is a highly dangerous zone to enter a long. However, for experienced traders, a minimal long position with a trailing stop may be considered for a final push toward the resistance zone around $590.

A failure to break that zone with volume will likely lead to a rapid decline back to previous lows around $400 or even $360.

30 May

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