Time for us to enter. Better be a late runner and avoid the FOMO, the chart is our map and support is drawn on the chart for you all to follow if you like.
Shares of Robinhood, an investing-focused consumer fintech company, soared this morning in pre-market trading. The stonk phenomenon, which helped propel minor companies like GameStop and AMC earlier this year, appears to be impacting Robinhood’s own stock; that much GameStop and AMC trading took place on Robinhood’s platform during stonk-fever is irony not lost on this publication.
So far there is a low at 33.25 and a very quick thrust to 85, the initial rebound from 56.50 low topped at 73.44 is either wave 2 or wave B, the former is bearish, the latter bullish. Assuming the bullish case so far wave C= .786 x A @ 50.11, low from 73.44 is 50.46 (yesterday), post market 50.26. From 33.25 to 85 the .618 retracement is 53.02, today's low so far is 53.10. Usually wave C=A @ 44.94 unless there is underlying demand hence C= .786 x A or thereabouts. Other targets if the above doesn't hold are: .786 (entire move low to high) @ 44.32, and .8866 @ 39.12., these could be targets for wave C of 2 down since the sharpness of the rally in a very short period of time could lead to a very sharp ZigZag wave 2, that will blow out stops from those who bought the gap up. I'm sure many have been stopped out already. Coming above 73.44 will settle the issue if it's bullish or bearish. The price behavior so far supports a bullish interpretation as long as 50.46 holds, that means that it fell short of equality or C=A most common retracement relationship. Usually when you have truncation that is immediately bullish and I can count 5 waves of C in place. However, a double ZigZag is possible especially if the day high 60.88 isn't taken out and sharply violates 53.10. The big gap up 8/4 has only been partially filled, that still stands as a breakaway gap unless fully closed, today's gap up can be considered as an acceleration gap. If more gaps occur they can be common, continuation, and lastly exhaustion that would occur if 5 waves up to new high can be count especially with a volume spike as a buying climax, price makes new high then falls through day low, but doesn't recover and closes gap.
pechi123
⋅
Still selling lower in post market likely 50.11 will soon be hit but so far 50.26 is the low and now in low 51 area vs 50.46 today's regular session low. Normally wave C=A @ 44.94 (ballpark), but if there is underlying demand it may not reach that target, hard to say for a stock less than 1 week of trading, for all we know the 85 top is over and done bear market here we come, but it could be only wave 1 and today to whatever low is a deep wave 2 retracement. The tale of any issue that goes too far too fast is a deep retracement or worse. Not having much of a history there is a greater risk here than normal. If $85 is only wave 1 high then the upside to a 5th wave could easily bring it to the $200-300 range.
pechi123
⋅
Just hit C=.618 x A @ 55.81 (low 55.56)
C=.786 x A @ 50.11
C=A @ 44.94
Fibonacci of entire move off 33.25 low to 85
X .618 = 53.02
X .786 = 44.32
x .8866 = 39.12
VincePrince
⋅
Interesting view.
ProjectSyndicate
⋅
looking good for sure see what we get now
shark8585
⋅
making and cup & handle?
blint199002
⋅
Max price this year? I bougt 32 $. When should i sell? What do you think?
sycaway87
⋅
@blint199002, who knows. but all im saying is stop losses. these newbies are volatile