$ZM
Added 2023-07-20 23:35:21 +0000 UTCOk I am just in from work and went through all of my regular charts to see if anything has lost structure and nothing is sticking out, in fact many of our stocks were due a pull back, particular their Wave 4 and this is likely what we are seeing.
I highlighted during the week to expect a pull back and that this would be healthy, notably mentioning $SQ and $PYPL and we are seeing that.
Mega Caps are all experiencing their Wave 4 now too, I know red days are no fun to look at but you need to flip the script, these are opportunity days, you don't make your money after the run, you make it beforehand.
$ZM was the one stock that pulled back more than we expected, so I am showing now where the support levels are.
Let me be clear here, the structure is very much still in place and bullish.
The run from $64 to $75 is possibly Subwave 1 of Wave 3 completing and we are in Subwave 2 now, the pull back today to the 0.5 Fib is typical of this move, and if we look on the chart, we can see that 200 Day MA is cutting through the 0.5 and 0.618 Fib levels, so I will be looking here for support.
I am perfectly fine watching $ZM coming down to the wedge trend line again and holding support here, this will be exactly on the 0.618 Fib, so this is the most common level to find Subwave 2 or Wave 2 ending.
I will add here if support is found too.
