After disappointing IPO, Snapchat fell to $5, practically crossing to penny stocks territory. Investors kicked in to buy cheap stocks and the price rallied. That seems like the end of wave C and now the new wave count started up. Wave 3 seems like over, now waiting for the wave 4 to complete before buying in again to catch the 5th. After very good Q2 earnings and new users added, projections for Snapchat look much better and price is expected to rally further. Good Luck!