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Zoom ($ZM) Playing Out As Expected

Dec. 07, 2021 12:50 PM ETZoom Video Communications, Inc. (ZM)
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The last time I looked at this name was in June 2021. You can view this article here. At the time, I was expecting another swing down to take place in a larger wave II correction. Lets take a look at the chart from June.

Zoom Elliottwave June 2021 View:

At the time, the structure was supporting further upside within ((X)) before another swing down was to take place. Fast forward today, and lets see how the forecast turned out.

Zoom Elliottwave View Dec 2021:

Medium term view from the ((X)) peak set in July 2021 @ 406.48. The stock didn't bounce as high as I was expecting before again turning back down. The ((X)) wave turned out to be a sharp reaction and has already confirmed the next leg lower after taking out the ((W)) low. Zoom has already favoured to have set the (W) (X) connector in blue, and now declining in the final swing before Red II can be set.

The area to watch for buyers to enter is the 90.10 100% area. This is a very deep correction. Any violation of the all time lows and this stock is able to sink further down in extension. At this time, I do not favour that to happen. The 90.10 area should give a bounce in 3 waves at least.

Source: Zoom ($ZM) Playing Out As Expected

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