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Fan Yang

Twitter (TWTR) in an ABC Correction?

Is Twtiter $TWTR in an ABC correction? If so, we shoudl anticipate a push towards the $24-$25 area. 

TWTR Daily Chart

(click to enlarge)

ABC Correction:
- It looks like Twitter's rally coincided, or possibly reinforced as well, the December run 2017 as well as early 2018. 
- However, price has been correction mode since March, again coinciding the general market correction.
- The above chart shows an ABC correction which projects the C wave towards the $23 area, where it would test the 200-day simple moving average (SMA) as well.
Support at $28:
- We are also see support around $28. 
- There is a rising trendline as well as the 100-day SMA. 
- Meanwhile the RSI is still above 40. 
- These are signs against the ABC correction because it say the overall trend and momentum is still bullish.
- This at least hints at a more sideways, maybe triangle type of consolidation. 
- However, if price clears below $28 by the end of this week, we should anticipate the ABC correction scenario, especially if the RSI also falls below 40. 

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