Analysis of Zoom (ZM) Setup


Here is an example of one of our intraday trade setups in the trading room in ZM this week.  We saw a nice confluence of Fibonacci price relationships at the 328.32-330.55 area in this name.  At the same time we had INTRADAY timing for a possible low.  

Timing is always a great addition to a setup and it makes the setup higher probability!!

This setup first triggered for day trade entries, but then also triggered for a swing trade entry on the 15 and 30 minute chart. Target 2 was almost met after a rally of $31.67 from the price cluster zone.  

At this time I would tighten stops on longs since many moves tend to terminate at extensions of prior swings. 

Carolyn Boroden, who is renowned for her expertise in Fibonacci price and timing analysis, hosts the Fibonacci Market Analysis service at ElliottWaveTrader.