$RBLX remains somewhat unclear to me. But I will note a few things here.
- The move first to all-time highs then immediately to all-time lows makes me believe that this may be a large expanded flat correction.
- The final leg of such a structure should be a 5-wave impulse, and that’s just what it looks like.
- There is bullish divergence present (and very sharp bullish divergence on the daily), which inclines me to think that the middle (strongest part) of the move is behind us.
- There is a fib relationship that may work here, but I am not certain of it, as I am not certain yet about the structure of what I have labelled as intermediate (orange) “A.”
And so, what we would like to know is how close this is to being done, if it’s going to be done and produce a new bullish structure. And I’m not sure. It is difficult for me to count the final 5th minor (green) wave of orange “C” as complete, as I do not yet see 5-waves there. So, it may go lower. But, perhaps the most momentous part of the move is behind us. There is good volume here, perhaps suggestive of capitulation.
We will need to see some big green, high-volume candles to gain any confidence that its decline is nearing an end.
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