$RKT Earnings Play - Shoutout Brett$RKT has been trading in a fairly defined channel - good earnings/ trading into earnings could result in an uptrend.
Targets are identified on the chart.
Rkt
RKT (Rocket Companies) Long PositionWas a little late on this, but the pattern formation did not complete until closing time. Seems to be sufficient support developing as well. Price movement may be very dramatic in the a.m. but I think Rocket is set to take off!
Trade responsibility (w/e that means) lol
CHEERS
Rocket Mortgage (RKT) Long SetupGood afternoon everyone,
This is my first post on this account but I have been spending the last four years or so analyzing technical analysis on equities, futures, and crypto currency. Almost all of my published ideas will be based on the following three principles/rules.
1. 1% Risk: This is the most important rule in my trading technique. No one should EVER risk more than 1% of their entire account on any single position.
2. Stop Loss: ALWAYS use a stop loss. This rule is extremely important and should be implemented with rule one.
3. Take Profits: Profit taking should always occur. Your first profit target for your position should cover your possible 1% stop loss, if not more.
As I continue to publish my ideas, I will explain the methods that I use in more detail!
Good luck and happy trading!
UWMC - Beat Down Buying Op - Earnings FEB 3 After MarketNYSE:UWMC
ENTRY = 9 - 10.50
1st target .5fib@11.81
2nd Target = .618fib@12.43
HODL Target = 14+
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This content is for informational, educational and entertainment purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
$RKT Daily, long.Looking at $RKT for a break out of the wedge it has formed since September. Volume has decreased since IPO and I've added two important Fib levels to look at if RKT wants higher. ER run up should be a catalyst for it.
RKT possible falling wedge, currently at a bottom low and every time it has bounced off this bottom line it has taken an average of 11 days for it to go to high 22's or low 23's.
$RKT - May go long here...$RKT consolidating and sitting on volume shelf in both W and D timeframes.
RTK to $24Possible buying opportunity for RKT as it starts heading towards $24, need to wait for a break out confirmation but price has been coiling for a while and is due for a break out to either side.. so far it's looking like a break out towards the top.
Rocket companies inc. How to use wave analysis to forecast.After the completion of the ABC corrective structure we expect the next impulse up or it will develop to an ABCDE corrective structure. All cases are bullish right now. I will keep updating this chart if necessary. Comment, like follow for more accurate ideas. Thank you.
RKT weekly close on the edge, long unless breakout invalidatedThis weekly RKT close looks a bit scary, literally on the edge, but I'm long unless the breakout is invalidated.
RKT - Buying to OpenBuying to Open 19FEB21 20 @1.35-1.50
Watching the 1hr for oversold entry in the 19.56 area.
Entry Target = 19.56
1st profit Target = 236fib @22.60
2nd Profit target = 382fib @24.14
HODL Target = 618fib @28.06+
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This content is for informational and educational purposes only. This is not in any way, shape or form financial or trading advice.
Good luck, happy trading and stay chill,
2degreez
$RKT Short term target of $26 - UPDATEDThe previous count was invalidated when wave 2 retraced beyond wave 1. This looks more like a WXY double correction. Double corrections are 3-1-3 waves where the W and Y waves are ABC corrections, and the X wave is a 5-3-5 zigzag.
With the large price fluctuations after IPO, this sort of prolonged consolidation makes sense. If we are finally breaking this consolidation, we could be starting a wave 1. We need to break above 23 to break out of the larger triangle pattern. This could coincide with a 5 wave sub structure of the newly started wave 1, as shown on the chart. In this scenario, the sub wave 1 would get rejected at 23 initially, consolidate into a wave 2 before launching into a wave 3 that breaks the $23 soft barrier, consolidates again for a wave 4 and finally finishes wave 5 around $26.
The $26 target is a confluence of a major resistance/support level, the 50% Fib retracement of the larger wave 3 of the first cycle, as well as the 2.786 band of a modified schiff Fib pitchfork (a FibFork, if you will). The pitchfork is not shown on the chart to keep it clean.
Long story short, we need to see the following: A 4h close above $20.70 (to close above EMA's) followed by a breakout and 4h or 1D close above $23. Once that happens, its pretty clear sailing to $26.
$RKT Short term target of $25Looking for RKT to start its wave 3 later this week (jan 5th or 6th) and run up to $25 by end of January. If my time targets are off, this run up could take as long as mid February.
After that there doesn't seem to be too much up side in the short term.
In in shares at $20.57 and will look to exit at $25
RKT Correction Almost CompleteInverse Head and Shoulders
RKT is still below the neckline of a 3 month inverse head and shoulders. Both variations of the head and shoulders are two of the most popular formations in trading. It attempted a breakout during the week of December 18th, crossing the $22.50 neckline, but rejected & stayed in a downtrend since. The measured move on this pattern gives RKT a target of between $24.60 and $27.36.
Bullish Pennant
The pennant remains in play as long as RKT can hold at the current price level. Assuming it does, our next significant resistance for this pattern is around $22.40. Price has failed that level multiple times already, and unless we have a large catalyst, it could easily fail again. The next strong resistance after that is $24, where price may reject, and come back to retest the pennant breakout.
Elliott Wave
It seems like RKT is about to finish the final corrective wave down. Price has already bounced off the .382 level (meaning a .618 correction from the recent high in November). I believe the best buy zones to scale into a long position start here, from the .382 retracement to .146. Considering the history of being such a slow mover, I would be looking for June expiration, if not longer. The overall wave 3 target would be the 1.618, at $26.22.
As a potential catalyst, nearly 40% of the RKT float is short sellers. While the amount of time it would take them to cover their positions is not long (about 3 days), this is a high short percentage. If RKT begins moving up quickly, shorts may be subject to a squeeze.
Overall, look to accumulate a long position between $20 and $18. RKT has proven demand in that area (that I left off the chart to keep it a little cleaner), and should show some opportunities for profit taking even if the full move does not play out. Short interest is so high that shorts could quickly get burned, and small caps are clearly coming into favor as we start the new year.
$RKT Finding Support, Possible Ascending Triangle$RKT Finding Support, Possible Ascending Triangle
Look for a green candle on the daily chart tomorrow for confirmation.
Near term target: $22-$24 range by mid January
NOTE: This is NOT investment advice.
$RKT Inverse h&s, fib retracement,watch for breakout.Retest at neckline and perfect fib retracement, watch for high volume to confirm major breakout
$RKT Bullish Inverse H&SI really like this trade right now, the Risk-Reward is there.
There is a clear potential for an Inverse H&S pattern if bulls can reverse the trend here and break the neckline. I am entering 19MAR21 21C as a starter position and will buy earlier expirations on confirmation.
$RKT $RKT
I see everyone has already called out the inverse head and shoulders pattern. Here is my chart. Testing a theory – RKT doesn’t seem too concerned about the 50 day EMA – but it does like support around $19.80 and resistance at the trend line.
“I’m not an expert but I have watched a lot of youtube videos.”
NYSE:RKT
RKT A glorious run into the new yearits been consolidating and forming an inverse head and shoulders, and most recently we flipped resistance to support, as long as that support continues to hold I can see us making some large moves upwards.
