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Support.com Inc. ($SPRT) Heart Of The Wave 3
Every once and awhile a new stock gets the mass attention of retail traders and causes an extreme impulsive move. Support.com is one of those names right in the middle of a breakout. When I talk about the heart of a wave 3, it is the wave when most traders are chasing the stock. Lets take a look at what the company does:
"Support.com, Inc. is a technical support company for businesses and consumers. It is headquartered in Wilmington, Delaware with administrative office in Sunnyvale, California. The company's services are performed on Windows, macOS, iOS, and Android, supporting connected and smart devices. These services are performed by the company's remote, full-time workforce based mainly in the U.S.
Support.com owns SUPERAntiSpyware, headquartered in Eugene, Oregon, which offers anti-malware software. The company also owns RightHand IT, headquartered in Louisville, Colorado, which provides managed IT services for small businesses."
Lets dig into the charts!
Support.com Elliottwave View:
Medium term term view from the all time low in May 19/2021 low. The stock pulled back in a wave ((2)) correction after an impulse off the March 2020 low. After setting a low at 2.32 May 19, Support.com again rallied in 5 waves to form a nest in blue (1) and (2). After (2) set on August 17 the stock really started to take off in a wave 3 of 3. It is important to understand the psychology of the wave 3 of 3 advance. This is the wave when most traders throw caution to the wind, and start chasing the price action. As a result, causes the wave 3 advance that can be known as the heart of the wave 3. It is when there is no fighting between buyers and sellers, it is when buyers have clear control of the price action.
Lets take a look at the RSI and see what it is telling us about how the momentum is acting.
As you can see, the RSI has recently exceeded the high from 8/13 peak, this confirms the wave (3) advance. The next stage would be for RSI to exceed the peak from the 3/22 high. I favour this to take place within the next few days. Before peaking, the stock should exhibit signs of momentum divergence before correcting the cycle from 5/19 low. As always we do not like to chase, we only like to look for opportunity in 3, 7 or 11 swing at blue box extreme areas.
Source: https://elliottwave-forecast.com/stock-market/support-com-inc-sprt-heart-wave-3/