Zoom Video Communications, Inc ticker symbol: ZM engages in the provision of a video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences. We will look at the Elliott wave view below:
ZM Weekly Elliott Wave Chart
Above is the Weekly time frame Elliott wave chart of ZM. In which, the stock is correcting the cycle from all-time lows. So far the decline from the 19 October 2021 peak is unfolding as an Elliott wave zigzag structure where the first leg ended in the wave a at $273.20 low. Up from there, a bounce to $406.48 high ended wave b and made the c leg lower. Now near-term focus remains on the blue box area where buyers are expected to appear looking for another multi-year cycle.
ZM Alternate Weekly Chart
Above is the Alternate Weekly view, in which we are assuming that the low is in with minimum swings in place. And as far as it stays above $79.03 low then it can resume higher as well. Chasing the weakness looks very risky at this stage because soon a turn higher is expected to take place.
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