EW Analysis: ZOOM Is Looking For A Deeper Correction

4 Mar 2021

Hello traders and investors!

Today we will talk about Zoom, its price action from a technical point of view and wave structure from Elliott Wave perspective.

Zoom made a massive rise in 2020 as it was and it's still very useful app for video communications.
However, nothing goes in straight lines, so we see it as a completed wave 3 and since October 2020, we can see Zoom trading in a bigger, higher degree a-b-c corrective decline within wave 4, which seems to be unfinished after recent sideways price action and corrective wave structure, ideally a running triangle pattern within wave "b".
Well, with current strong decline, it looks like wave "c" is now in progress that can push the price even down to 280 - 230 support zone before we may see a bullish continuation back to highs within wave 5.

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