Red Rock Resorts Inc., (RRR) develops & operates casino & entertainment properties in the US. It operates through two segments, Las Vegas Operations & Native American Management. It is based in Las Vegas, comes under Consumer Cyclical sector & trades as “RRR” ticker at Nasdaq.
As discussed in previous blog, RRR finished wave I at $58.74 high as impulse. Below there, it finds support between blue box area for 3 swing bounce as expected in previous blog. It expect short term upside in ((X)) connector of larger double correction in wave II before it may resumes lower in ((Y)) leg. Buyers from the blue box area is already having risk free position. Alternatively, it may ended II correction at $30.98 low & should be in III red, which confirms, if breaks above I high.
It made ATL at $2.76 on 3/18/2020 & above there, it placed ((1)) at $11.99 & ((2)) at $7.50. ((2)) was 0.5 fib retracement against ((1)). Above there, it started third wave extension & placed ((3)) at $46.61 on 6/02/2021. It placed ((4)) at $37.05 as 0.236 fib retracement against ((3)) as shallow correction. Finally, it ended ((5)) at $58.74 high on 10/26/2021 as I wave. Below there, it either favors in II as double correction or alternatively, might be in ((1)) of III red.
It placed ((W)) at $30.98 low & (B) of ((X)) at $33.62 low. Above there, it favors higher in (C) & expect minor upside to finish ((X)) connector before downside resumes in ((Y)) leg (extension pending). ((Y)) will confirms when breaks below ((W)) low. We like to buy the next extreme areas in ((Y)) leg, when reached.
Alternatively, it may ended II red at $30.98 low & currently, favors higher in (3) of ((1)). It expect two more highs to finish ((1)) before starts pulling back in ((2)) correction in 3 or 7 swings, which ideally should hold above $30.98 low to see further upside in ((3)) of III. The alternate view as III in progress, will confirms when breaks above I red high.
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