Since our previous blog about Robinhood stock HOOD, the price tripled during a strong bullish upside move. Therefore, we’ll be looking at the daily Elliott Wave Structure and explain the current structure within the cycle.
The recent daily rally started in August 2024, HOOD established an impulsive 5 waves structure to the upside within wave III. In addition, it exceeded the 1.618 Fibonacci extension level $41 which confirmed the strong momentum within the 3rd wave. The current advance from 12/20/2024 low is proposed to be wave ((5)) of III as long as it's holding the divergence in RSI. Consequently, the stock will be looking for more upside to finish a series of 3rd & 4th waves toward $52 - $56 before ending that cycle.
HOOD still has the potential of opening more upside above if the structure turns out to be a nest. In that case, the current move will be wave ((3)) of III and it will reach equal legs area at $63 - $82. In conclusion, we don't recommend selling the stock as the overall structure for remains bullish and we only favor buying the daily pullbacks in 3 , 7 or 11 swings.
HOOD Daily Chart 1.22.2025
風險提示：本文所述僅代表作者個人觀點，不代表 Followme 的官方立場。Followme 不對內容的準確性、完整性或可靠性作出任何保證，對於基於該內容所採取的任何行為，不承擔任何責任，除非另有書面明確說明。
暫無留言。 來發表第一則觀點吧。