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Shares of Roku (NASDAQ:ROKU) likely put in a major pivot top on Tuesday. After a three-bar surge on the daily chart, the stock humped again but is now putting in a possible topping tail. Topping tails are epic reversal signals, especially on charts in extreme overbought territory like ROKU. In addition, upside moves usually end on three-bar surges. A pull back is likely in store to a target price of $115. This trade setup is pure technical analysis. This means there is finally a reason to short ROKU that has teeth.
Before we can forecast what’s most likely next, we must first look back at prior analyses. To that extent, three weeks ago, we found using the Elliott Wave Principle (EWP)...
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