$SNAP has performed horribly in 2022 and had awful earnings report. However just as there is over excitement, there is over pessimism and eventually mean reversal is due in either case. I have no clue if SNAP will go even lower to 4-7 dollars area but the price structure, volume, and technical indicators clearly point towards capitulation and at least a short term reversal. Do what you will with this info.
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Setup definitely played out, but in reflection it consolidated for much longer than I thought it would, and I have new understanding of how these things play out and how to play them as a trader.