Since december 2018 Roku has been in a clear impulsive wave that topped at 175 and made a sharp reversal.
This correction has more the caracteristics of an impulsive wave than a correction, so, I suspect this to be only the first leg, wave A, of the overall correction.
For now we can count 3 waves which means we should see a small pullback for wave (iv) followed by a new push lower for wave (v) before we see it go higher for red wave ((b), followed after by red wave ((c)) which should then make a new low.
Levels to Watch are the Fib retracements, 50% at 100.0, ; 61.8% at 82.3 ; and the last line of defense for bulls, the 78.6% level at 57.7.
Don't forget to keep an eye on RSI and MACD for some bullish divergence before considering wave ((a)) in place.
Komentarz
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Komentarz
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For now this move up looks impulse which suggests it might be wave a of corrective red wave ((b)) and so see a 3 wave correction down to around 50% of this move followed by a push higher above current wave a high into 152.50 resistance as wave c of red wave ((b)). (Note that red wave ((c)) will be calculated once we're confident wave ((b)) is in).
What do you think will happen with today closed up? Do you think tomorrow it will fall to the level a in your chart?
ElliottWaveBelgium
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@Nottoosexy, Waves 4 are tricky as it can stay sideways a bit more than we would like.
It could also go up to 107 ~ 111 before continuing lower, so, it's best to wait for a breakout first