RRR : Pulling Back in II Before Rally Resumes

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.

RRR made all time low at $2.76 during global sell off in early 2020. Thereafter, it started higher high sequence & made all time high at $58.74 as the part of impulse. Currently, it started pulling back lower against the cycle up from March-2020 low before next rally resumes.

RRR : Elliott Wave Latest Daily View:

It made ATL at $2.76 on 3/18/2020 & above there, it placed ((1)) at $11.99 on 4/09/2020 & ((2)) at $7.50 low. ((2)) was 0.5 fib retracement against ((1)). While above there, it started third wave extension & favored ended ((3)) at $46.61 on 6/02/2021. It placed ((4)) at $37.05 low on 7/19/2021 as 0.236 fib retracement against ((3)). Finally, it favored ended ((5)) at $58.74 high on 10/26/2021 as I red & currently, it favors pulling back in II.

Below $58.74 high, it proposed ended ((W)) at $42.00 low & ((X)) at $54.29 high. Below ((X)) high, it placed (A) at $40.65 low & proposed ended (B) $50.55 high. Currently, it favors (C) of ((Y)) leg lower towards $37.48 – $27.03 area to end II before upside resumes. We like to buy the blue box area for next rally or at least 3 swing bounce thereafter.

Source: https://elliottwave-forecast.com/stock-market/rrr-pulling-back-ii-rally-resumes/