Closing on the fifth D-WaveHere is our analysis on ROKU.
We plotted D-Waves on the daily chart and it turns out that the price still has to complete the fifth and final wave before hoping to climb higher.
In order to call the wave closed the price must first close at a 21 days low. So, for tomorrow the price target will be 145.7.
Trade ideas
ROKU head and shoulders PT $130Roku looks like it has developed a Head and shoulders pattern and is currently trading on its support trend line. I expect a pop back to the neckline and then a confirmation down which should bring Roku to roughly ~$145 which has a ton of volume. This should create consolidation that once lost, will move ROKU to $130. Long side, we should see a break above the neckline and head to $165
Forming symmetrical triangle, building strengthKnowing ROKU this stock can move at the drop of a hat, but may need more time to set up. It is forming a symmetrical triangle which should be bullish if the uptrend prior to the market selloff holds. Fib retracement was done from recent swing high (ATH) to low upon market selloff. Does not look oversold or show anything of note on RSI, on watch.
ROKU Levels on WatchThrough this week's grand and long overdue sell off, I see ROKU as a strong stock over the coming weeks as long as it stays above the yellow support levels and follows the trend line. The resistance lines shown in purple are PTs for the next week, but are only active if the market turns green this Tuesday. Roku likes to bounce off of the 50 EMA and occasionally the 100 EMA, be sure to watch these levels as well. Happy Labor Day!
Roku Still ClimbingThis is just an update to the previous post on Roku. When Roku was at 146 a few days ago I said "Roku is going higher, expect upside this week." This is just an update to the previous post I made. Still following the wave count perfectly.
I currently have Roku back in an uptrend after falling from 185 to 171 to finish the 1-2 of 3 of 3 of 5. So we have a 3,4,5 up to finish a large 3 of 5.
Symmetrical TriangleVolatile stock
I have found tops of candles often make good support. 168.8 looked like a good support level today when it pulled back. Support and resistance levels are important.... But they do not always hold up. The R of the S triangle will provide strong support..but it is pretty far away )o: After that, 142.8ish looks strong. today 170ish held
Happy Trading
Not a recommendation















