Roku, Inc.Updated ROKU
Went back and started from a clean slate on this as I felt something wasn’t adding up with the counts. Though my count is little different, nothing has changed from my bias of reaching 138+ zone and entering a potential short. After redrawing, I think we just went through a wave 4 retrace (blue number) with a flat a - b - c correction. Wave count and fib lines when drawn help to confirm this, for me at least!
With this view, it makes more sense and better clarifies my belief that this relief rally isn’t over. I see this wave 4 correction completed which puts us in the position of a 5 wave move up.
Game Plan: key support at 118.12. I’ll look for price action to confirm upward movement. If we gap up at open, helps to confirm my count. If we gap down, will watch that key support. I’m leaning upside still to get to that supply zone. If we open flat and hold the demand zone, I’ll look to enter a small risk upside play but will look to lock in profits early—if they happen—as anything above 135.47 I think is fair game for a reversal.
With this view, it makes more sense and better clarifies my belief that this relief rally isn’t over. I see this wave 4 correction completed which puts us in the position of a 5 wave move up.
Game Plan: key support at 118.12. I’ll look for price action to confirm upward movement. If we gap up at open, helps to confirm my count. If we gap down, will watch that key support. I’m leaning upside still to get to that supply zone. If we open flat and hold the demand zone, I’ll look to enter a small risk upside play but will look to lock in profits early—if they happen—as anything above 135.47 I think is fair game for a reversal.
Note
I entered a small debit spread here. While I think market might sell off here, I'm looking to see if Roku will hold its own at the end of day here. If it does, I think we could see a nice pop up for tomorrow. Again, small risk as if the market sells of, Roku can be dragged with it.
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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.