$HOOD
Added 2024-09-03 11:41:29 +0000 UTC$HOOD has hit is 50 Day MA and its Red 0.618 Fib (which is a resistance level, not a support level) and has so far rejected
We have said that this bounce since $14 is unlikely to be anything but a Wave B bounce, inspite of it dropping all the way down to below its 0.618 Fib on the 5th of August.
I think if $HOOD can form a triangle here, whereby Wave C does not need to make a lower low, this would be the best case scenario for $HOOD and I would be looking at the 200 Day MA at the 0.5 Fib now as a potential support level at $16 - $17.
I was looking at the fundamentals today and my concerns are clear, the reduction in FCF is the concern, from +$1.1 Billion to -$600 million in one year is not healthy in the short term, I suspect the market will need to see this progressing before this can start its next impulse wave.
