ROKU , Watch for bullish signals around 200-240 buy zone!
Updated
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.
Note
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.