Robinhood has reached and activated our Fibonacci retracement zone (marked in red). This zone represents selling or shorting opportunities for this market, as we expect Robinhood to complete its short-term recovery phase within orange wave B and subsequently begin a new sell-off driven by bearish control and momentum.
Short Entry Levels:
- 50% at $108.63
- 61.8% at $119.29
- 78.6% at $134.46
Stop Loss: 1% above the zone at $135.84
Once Robinhood leaves our defined zone to the downside and breaks below $93.32, we will be able to validate this zone. Following that, we primarily expect this stock to drop into our long-term Fibonacci retracement zone (marked in green). This zone represents clear long-term buying opportunities, as we expect the current correction to conclude within it.
Long Entry Levels:
- 61.8% at $63.70
- 78.6% at $39.17
- 88.7% at $24.43
Stop Loss: 1% below the zone at $24.17
Should anything change with this stock, or once Robinhood validates the currently active Fibonacci zone, we will update you immediately.
Kind regards,
Monalytics
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