ZM - Getting ready to rally again ?
Updated
Since price topped October last year, I've been on the sideline with my clients and put this one back into our watchlist a few weeks ago.
Now it seems about to have finished a 3 waves correction wherein wave B is a Triangle.
Triangles precede the last actionary wave in the pattern of one larger degree.
Simply put, it signals that the end of the ABC correction comes after one more move to the downside, in this case after wave C.
This gives us a reason to look for a reversal point.
That reversal zone might just have been found as price bounced off the green 52week EMA and the orange anchored VWAP.
Notice also that price, although it went a bit below the 100% projection of wave C compared to A, is now holding above it.
Same for the 23.6% retracement level of wave 3.
So, for now, as long as price doesn't go below 309, I will look to buy and hold this one towards 441 at first followed by the ATH at 588.
If price does go below 309, I won't dismiss my bullish view but I will stop buying until I have reasons to believe that red wave C ended and price bounced off a potential reversal zone.
Now it seems about to have finished a 3 waves correction wherein wave B is a Triangle.
Triangles precede the last actionary wave in the pattern of one larger degree.
Simply put, it signals that the end of the ABC correction comes after one more move to the downside, in this case after wave C.
This gives us a reason to look for a reversal point.
That reversal zone might just have been found as price bounced off the green 52week EMA and the orange anchored VWAP.
Notice also that price, although it went a bit below the 100% projection of wave C compared to A, is now holding above it.
Same for the 23.6% retracement level of wave 3.
So, for now, as long as price doesn't go below 309, I will look to buy and hold this one towards 441 at first followed by the ATH at 588.
If price does go below 309, I won't dismiss my bullish view but I will stop buying until I have reasons to believe that red wave C ended and price bounced off a potential reversal zone.
Note
I know all that labeling can be a bit confusing if you don't know the Elliott Wave Theory, therefore, just look at the idealised charts and use your own methodology to enter into this trade.Don't hesitate to share your view
and of course do not hesitate to ask if you have any questions ;)
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t.me/em16public
Thanks !
Questions? Chat or Comment on Ideas
Don't forget my public Telegram channel -
t.me/em16public
Thanks !
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