Roku - Downtrend remains despite lurking pullbackSince december 2018 Roku has been in a clear impulsive wave that topped at 175 and made a sharp reversal.
This correction has more the caracteristics of an impulsive wave than a correction, so, I suspect this to be only the first leg, wave A, of the overall correction.
For now we can count 3 waves which means we should see a small pullback for wave (iv) followed by a new push lower for wave (v) before we see it go higher for red wave ((b),
followed after by red wave ((c)) which should then make a new low.
Levels to Watch are the Fib retracements, 50% at 100.0, ; 61.8% at 82.3 ; and the last line of defense for bulls, the 78.6% level at 57.7.
Don't forget to keep an eye on RSI and MACD for some bullish divergence before considering wave ((a)) in place.
