ZM: Is Zoom starting a new cycle?

NASDAQ:ZM   Zoom Video Communications, Inc.
Zoom has broken out of a very long downward channel this week and the weekly close was pretty good. This could be the end of cycle wave 2 which came about an inch from getting invalidated. If Elliott wave principles hold then Zoom has completed a complex correction and starting cycle degree wave 3. Before getting too excited though, a full 5 waves motive followed by a 3 waves corrective price action needs to play out. Right now there should be enough momentum to get to $88 or maybe attempt to close the gap at $96.


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