Zoom ($ZM) Playing Out As Expected
Seeking Alpha Analyst Since 2017
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 78 instruments including Forex majors & crosses, Commodities, Equity Indices, Stocks, ETFs and Crypto-currencies. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos and Trading Setups.
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.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.