Elliott Wave Analysis: ZOOM Could Become Attractive Again
Aug 26 2021
Hello traders and investors!
Today we will talk about single stock ZOOM, in which we see pretty nice and clean pattern.
As you can see, ZOOM made quite big decline since October 2020 till May 2021, lost more than 50%, but it looks like a three-wave a-b-c correction within a higher degree wave 4, especially if we consider recent strong and impulsive bounce from the projected support zone , which confirms a completed correction within uptrend that can send the price back to highs for wave 5.
Furthermore, we can currently see a nice three-wave (a)-(b)-(c) setback of a lower degree which may belong to a subwave "ii" of a higher degree wave 5. So, if ZOOM manages to recovery back above 400 region once again, then we can easily expect a bullish continuation back to highs, probably within a new five-wave cycle for wave 5.
What is also important to mention is that holidays nearing the end, so schools and everything else start in September which means that there will definitely be more demand for ZOOM.
In case if the price stay slow and sideways, we can also consider a bigger bullish triangle pattern , so bigger and longer consolidation within that higher degree wave 4 correction before we will see a continuation higher.
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