Zoom will bounce and continue on down!

Updated

This is what I think will happen with zoom over the next few weeks.

We will continue to bounce from here and potentially hit my identified reversal zone.
Look at my blue and yellow fibs there for confluence.

My purple fibs are my elliott wave projection fibs which are currently estimating A=C. wave C could easily head to the purple 1.618, at which point we would keep an eye out for them heading to the next support zone.

**(I am not sure why Trading view squeezes my chartwork together after I submit it as a public post, but you may have to decompress the x axis to get a better visual)**

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Look at the 3day moving averages.

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Looking at the 1 hour here

Great reaction off of the .382 (blue) retracement. Look for that red line to hold support in that general area.

We could see a further push up still from here.

Watch for a wick to come in a trick the retailers. Remember there's a lot of retail traders with eyes on this one, blinded by "easy" money.

Those who can read a chart understand that there is further risk below that retail traders are not factoring in.

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Look above at my previous 3 day chart ^^

Now look at this one..

This moving average is heavy dynamic resistance. We could see a quick wick to pierce it. But it should prove to be strong resistance and send us down once again.

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Warned you back on Jan 13th, that we could wick up to my .786 even though our eyes were on the .618.

Well look what happend.

All eyes on that red line. We fail to hold 363ish, then we will be continuing our path down.

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3day Chart.

Fighting with the 3day 44ppma. Not surprised to see price push up and suck in longs while whipping early short traders into the move.

The recent gap down and open underneath it, is a good sign that we will continue on down.

White lines are levels of support. First one seems to be failing. if $365 breaks, then we will seek a new local low most likely Wave A=C 1.0 purple fib.

tradingview.com/chart/1HqhBe8A/

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All last week CNBC talked up Zoom. Buy Buy Buy!

In our discord channels I was showing that this was untrue.

Zoom is a great company and overtime, we will see a new all time high, but not until this correction is over with.

This is why we are seeing such a sell off and CNBC desperately trying to talk it up for uneducated retail traders to buy.

Ive been saying all along watch my 3day 44ppma to hold as resistance. We can see how we sucked in longs as we fought with it before it inevitable broke down.

First real support level is my first red box which weve been calling for, for a long time now. From there we will see if they will hold or make a push to my second real support level.

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Now that we are down here we have to assess the probabilities of a bounce, consolidation, or continuation.

Always nice to see the price work closely with the fib projections.

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Finally finding the first real support level on ZM

I dont think we are done going down here, but its time to start looking for a possible counter trend to form again.

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We have broke under the 100ppma. IMO this means that these heavy dynamic support levels have now flipped to resistance. Watch for another push up and retest this Green MA as resistance with a hook back. I wouldnt be surprised to see us push up near the blue MA as it continues to make its way down for a crossover. The crossover could lead us to a short squeeze as the general public will start to try and play puts.

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Here we are finding support off of our forecasted A=C level.

This is simply a counter trend push in my opinion. Watch out for a short squeeze that could easily push the yellow .618 fib.

My gut feeling is we turn around at my orange box and 3day blue moving average.

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Look at the weekly MA's. We are in purgatory.

The blue MA on the weekly shows us that we could still push higher than my orange box.

The green MA is where my eyes are at after we find a rejection.

Break. Hook. and GO!

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Monthly shows that there is NOTHING holding this thing up in terms of global support and resistance

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This is still playing out very nice.

Here is a chart I did for our private discord.

02/05/2021.

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Today

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This larger degree X wave could not be finished as this should play out in a 3 wave structure if this count was to remain valid.

The white retracements here show us possible targets for the completion of this wave X.

Pulling the purple fib projections, measuring the potential wave A of X, we could see the 1.0 fib in purple as wave A should = wave C by standard forecast

I think lackluster earnings will be a catalyst to turn it early and we see them pivot on the .618purple and white cluster, which also lines up nice with a very weird candle.

Watch them try to catch early shorts by running up pre earnings and dumping on them shortly before or after the ER.

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Im just trying to think of how they suck in the most retail to give them the liquidity for a major push

they dont have to push up that high and it could already be set to head lower, i just think if they pushed higher before earnings it would sucker a lot of people in

"second wave of covid = zoom to the moon" but really its a dud

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Well we did not get the final push up to the orange box that I thought might be possible as CNBC was SHILLING THE F*CK out of zoom all last week.

Either way, we got the move down that we thought we always would.

This has been going through one MAJOR complex combination correction.

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That white line still playing out nearly perfect

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White line still playing out.

Now we are landing on a critical retracement .382. We left an enormous gap behind, At this point, we got to start digging deep into lower time frames to assess the probabilities of a counter trend here.

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Zoom tumbles on Earnings. People were surprised, except us, we saw this coming.

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zoom has a big future i think long term office space is out and telecommunications is in. They just got way to far out in front of the horse with covid sending this thing into outerspace. Things need to balance out like they always do and always will do in these charts.

We have successfully avoided long term fomo by navigating the majority of this long term correction and now we wait for the turning point. Until we start to see confirmations of that appearing, we must still believe the overall trend is down and we can make short term plays on counter trends and taking short positions and puts.

But if you are in this for a portfolio builder on a long term investment, or say for a kids fund. We wait it out. We want safe entry into the next trend, not the cheapest.

TA will give you early indications on trend reversals in which you can start to build your position, but thats advanced. Let the chart prove itself to the level of comprehension best suitable for each individual trader. Theres no rush into this, if you believe zoom is destined to be a leader in this space, there is plenty of money to be made in the future.

We will continue to monitor this chart ever step along the way.

Stay tuned.

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Head up to June 1st comment and look at this chart.

"iT cOuLd NeVeR gEt ThAt LoW!"

Well, Here. We. Are.
Is it time to start thinking longs? yes, but dont rush. Nothing is confirmed here. This is one major falling knife with the potential for the floor to drop out. Long term, patient traders will wait for confirmation of a trend change.

Taco0o0o

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