ZOOM (ZM) trade/investment setup
ZOOM has been on a bullish move from ($60.97) in OCT-2019 to its all-time high ($588.84) in OCT-2021. The monthly chart shows that the price made a 1 - 2 wave movement.
On the Weekly (super cycle) chart wave 1 can be seen making a 5 wave movement then a ABC correction with wave B retracing to 0.382 of A making it a zigzag correction with an expected 5-3-5 move.
On the daily chart we can clearly see the 5-3-5 wave correction. Wave C created a 5 wave move convergence proposing the end of the ABC zigzag correction.
On the 4H chart the 5th wave of C also converged with another 5 waves shown in purple. Now that we have 5 waves upon 5 waves we are expecting a new grand super-cycle bullish move. We can see that we have just completed a 5 wave move forming a grand super cycle 1 and 2 (thick black). The price retraced nicely at the 0.618.
Going down to the 1H chart. After completing the 2nd grand super cycle wave price started bullish creating the start of wave 3. Within this wave we completed the first of its 5 waves. We are now heading to wave 2 where we expect it would retrace to the 0.618 which happens to be in a gap. I expect price to go up to B then down to C to fill this gap and reverse back at $102.50.
In terms of targets the first will be the top of cycle wave 1 at $112.87.
Second target will be the 1.618 of cycle wave 1 at $122.19.
Third target will be $151.26 (1.618 of super cycle wave 1)
On the Weekly (super cycle) chart wave 1 can be seen making a 5 wave movement then a ABC correction with wave B retracing to 0.382 of A making it a zigzag correction with an expected 5-3-5 move.
On the daily chart we can clearly see the 5-3-5 wave correction. Wave C created a 5 wave move convergence proposing the end of the ABC zigzag correction.
On the 4H chart the 5th wave of C also converged with another 5 waves shown in purple. Now that we have 5 waves upon 5 waves we are expecting a new grand super-cycle bullish move. We can see that we have just completed a 5 wave move forming a grand super cycle 1 and 2 (thick black). The price retraced nicely at the 0.618.
Going down to the 1H chart. After completing the 2nd grand super cycle wave price started bullish creating the start of wave 3. Within this wave we completed the first of its 5 waves. We are now heading to wave 2 where we expect it would retrace to the 0.618 which happens to be in a gap. I expect price to go up to B then down to C to fill this gap and reverse back at $102.50.
In terms of targets the first will be the top of cycle wave 1 at $112.87.
Second target will be the 1.618 of cycle wave 1 at $122.19.
Third target will be $151.26 (1.618 of super cycle wave 1)