Robinhood has successfully left our Fibonacci retracement zone, which we outlined as a selling zone. Within this zone, we expected the market to lose its current bullish momentum and form orange wave B. This zone proved to be a perfect opportunity to either realize gains from long positions or to purchase a put option on this stock.
We outlined that this zone would be validated as soon as the market breaks below $93.32 — and with that level breached, we have successfully validated and deactivated this zone.
We now expect the market to break down and reach our long-term Fibonacci retracement zone, which represents a prime long-term buying opportunity.
Long Entry Levels:
- 61.8% at $63.70
- 78.6% at $39.17
- 88.7% at $24.43
Once this Fibonacci retracement zone is reached, it will be the ideal moment to close or exit a short position or put option.
Should anything happen with this stock, we will update you immediately.
Kind regards,
Monalytics
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