Additional Elliott Wave Confirmation

The prior post focused on Exchange Traded Fund – XLP  as a guide to help with the Elliott Wave count for the US stock market. 

The following weekly chart courtesy of Trading View shows an individual stock which so far has  a textbook Elliott Wave pattern.

Sometimes small cap stocks involved in speculative buying manias will have clear Elliott patterns.  In this case the stock is Zoom Video Communications Inc. (ZM), which in less than one-year has increased more than seven times!

If the patterns completes, ZM may reach an important top sometime in early 2021 and could help in timing a significant peak for the US stock market.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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