Roku - Downtrend remains despite lurking pullback

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.

Comment:

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Comment:

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).