ROKU , Watch for bullish signals around 200-240 buy zone!
ROKU is close to the end of correction which was started on Feb 16th after an impulse rally from 58.22 to 486.72. Currently we are in wave C of and ABC form of correction. It seems Today's price jump was the wave 4 of C and another leg down to 200-240 possible buy zone is on the way to complete internal structure of wave C.
So far, We have a broad buy zone formed by cluster of Fibonacci levels from different Elliot wave cycles.This buy zone is shown on the chart by a green rectangle and includes 0.618 golden ratio of last rally. Possible subdivision of wave 5 of C may can help us to more accurately estimate the buy price . Another possible entry price around 150 is also shown.
I will investigate the status of momentum in different time frames when we become close to the buy zone.
All this ABC correction can be wave 4 of a larger cycle wave and possibly another large ascending wave is waiting for us. Why I used the word "possibly"? The answer is beyond the scope of this publication. It was just to emphasize that there are alternative scenarios.
Note that a trade above above 377.50 makes this analysis invalid. in that case you can go long and make profits.
Wish you huge profits my friends.
So far, We have a broad buy zone formed by cluster of Fibonacci levels from different Elliot wave cycles.This buy zone is shown on the chart by a green rectangle and includes 0.618 golden ratio of last rally. Possible subdivision of wave 5 of C may can help us to more accurately estimate the buy price . Another possible entry price around 150 is also shown.
I will investigate the status of momentum in different time frames when we become close to the buy zone.
All this ABC correction can be wave 4 of a larger cycle wave and possibly another large ascending wave is waiting for us. Why I used the word "possibly"? The answer is beyond the scope of this publication. It was just to emphasize that there are alternative scenarios.
Note that a trade above above 377.50 makes this analysis invalid. in that case you can go long and make profits.
Wish you huge profits my friends.
Comment:
Today, We had a trade above 377.50 which invalidated the analysis. Price did not reach to suggested buy zone. That is the world of trading. There are always other opportunities to come.
Order cancelled