RKT trade ideas
$RKT | Rocket Companies 🚀 Falling Wedge Breakout & Bull Flag $RKT formed a bull flag after breaking out of a falling wedge.
Watch for a breakout of the pink bull flag for further upside.
Targets: $20.50 and $21
Let me know what you think in the comments and leave a like if you agree with my analysis! 👍🏽
$RKT Short term target of $26 - UPDATEDThe previous count was invalidated when wave 2 retraced beyond wave 1. This looks more like a WXY double correction. Double corrections are 3-1-3 waves where the W and Y waves are ABC corrections, and the X wave is a 5-3-5 zigzag.
With the large price fluctuations after IPO, this sort of prolonged consolidation makes sense. If we are finally breaking this consolidation, we could be starting a wave 1. We need to break above 23 to break out of the larger triangle pattern. This could coincide with a 5 wave sub structure of the newly started wave 1, as shown on the chart. In this scenario, the sub wave 1 would get rejected at 23 initially, consolidate into a wave 2 before launching into a wave 3 that breaks the $23 soft barrier, consolidates again for a wave 4 and finally finishes wave 5 around $26.
The $26 target is a confluence of a major resistance/support level, the 50% Fib retracement of the larger wave 3 of the first cycle, as well as the 2.786 band of a modified schiff Fib pitchfork (a FibFork, if you will). The pitchfork is not shown on the chart to keep it clean.
Long story short, we need to see the following: A 4h close above $20.70 (to close above EMA's) followed by a breakout and 4h or 1D close above $23. Once that happens, its pretty clear sailing to $26.
$RKT Short term target of $25Looking for RKT to start its wave 3 later this week (jan 5th or 6th) and run up to $25 by end of January. If my time targets are off, this run up could take as long as mid February.
After that there doesn't seem to be too much up side in the short term.
In in shares at $20.57 and will look to exit at $25
MACD looking bearish. MACD is showing us red which an indication of a downtrend. Have not sold my position as this is a long hold. Will consider adding around these prices.
RKT Correction Almost CompleteInverse Head and Shoulders
RKT is still below the neckline of a 3 month inverse head and shoulders. Both variations of the head and shoulders are two of the most popular formations in trading. It attempted a breakout during the week of December 18th, crossing the $22.50 neckline, but rejected & stayed in a downtrend since. The measured move on this pattern gives RKT a target of between $24.60 and $27.36.
Bullish Pennant
The pennant remains in play as long as RKT can hold at the current price level. Assuming it does, our next significant resistance for this pattern is around $22.40. Price has failed that level multiple times already, and unless we have a large catalyst, it could easily fail again. The next strong resistance after that is $24, where price may reject, and come back to retest the pennant breakout.
Elliott Wave
It seems like RKT is about to finish the final corrective wave down. Price has already bounced off the .382 level (meaning a .618 correction from the recent high in November). I believe the best buy zones to scale into a long position start here, from the .382 retracement to .146. Considering the history of being such a slow mover, I would be looking for June expiration, if not longer. The overall wave 3 target would be the 1.618, at $26.22.
As a potential catalyst, nearly 40% of the RKT float is short sellers. While the amount of time it would take them to cover their positions is not long (about 3 days), this is a high short percentage. If RKT begins moving up quickly, shorts may be subject to a squeeze.
Overall, look to accumulate a long position between $20 and $18. RKT has proven demand in that area (that I left off the chart to keep it a little cleaner), and should show some opportunities for profit taking even if the full move does not play out. Short interest is so high that shorts could quickly get burned, and small caps are clearly coming into favor as we start the new year.
Rocket Looking goodRKT is about to break its resistance level, I feel it might go up around 25% once it breaks the resistance.
$RKT Finding Support, Possible Ascending Triangle$RKT Finding Support, Possible Ascending Triangle
Look for a green candle on the daily chart tomorrow for confirmation.
Near term target: $22-$24 range by mid January
NOTE: This is NOT investment advice.
$RKT...I was too excited last time...This time, let's see if we can do the real damage. Maybe need to wait for the new year
Bullish idea for RKTHi Guys,
Looks like its gonna follow this path. I am opening a position, what do you think?
Ultimate RKT Chart RKT my ultimate chart looks extremly bullish a nice IV H&S on the 4HR forming, a nice 1,2 potentially forming, i say its ultimate because fibs align which to me gives the chart more validation anytihng below 20-19 bucks invalidates this chart, bearish will be the "house market bubble" but overall the charts does look nice to me :).
$RKT Inverse h&s, fib retracement,watch for breakout.Retest at neckline and perfect fib retracement, watch for high volume to confirm major breakout
