Roku made almost a V shape recovery from December low and then stalled out again. Profitability is still out of reach and other than Ark Invest, there is not much enthusiasm for the stock. Elliott wave has both on bullish or bearish counts, but in both cases, there could be some short and medium term upside before farther downside. Right now, stock can make another spike down to touch the 38.2 retrace level at $50 and create three touches of RSI bullish divergence and take off to the upside from there. Or it could start climbing up now. Next stop should be between $90-105. At that point for the bearish case, if price action collapses, then there is a chance it can go down to retest December 2022 lows or even break below. If price consolidates and eventually moves above $108 then the bull case is more likely. That does not mean it will be a smooth sailing. The price action will be choppy and volatile for quite a while. Right now I will be looking for another push higher fairly soon after this pullback is over. In case price breaks down below $50, it might play out a wonky H&S pattern back down to the lows. Have to keep that in mind and keep an eye on RSI not to break down below 36.
