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RRR: Larger correction expected before rally resumes

Red Rock Resorts Inc., (RRR) develops and operates casino and entertainment properties in the United States. It operates through two divisions, Las Vegas Operations and Native American Administration. Based in Las Vegas, it is part of the Consumer Cycles sector and trades on the Nasdaq under the symbol “RRR”.

RRR held at $2.76 during the global sell-off in early 2020. It then ended the pulse train at the Oct. 26, 2021 high of $58.74 as the first wave. Below this, it favors a downward correction in II and is expected to unfold a double-three correction.

RRR – Elliott Wave Latest Daily View


It puts ATL at $2.76 on March 18, 2020 and up, it puts ((1)) at $11.99 on April 9, 2020 and ((2)) placed at $7.50. ((2)) is the 0.5 fib retracement relative to ((1)). Above that, it started a third wave of expansion and placed ((3)) at $46.61 on June 2, 2021. It puts ((4)) at $37.05 as the .236 Fib retracement level and ((3)) as a shallow correction. Finally, it closed at a high of $58.74 on October 26, 2021 ((5)), as I swung here and below there, it started at II.

RRR Callback – Elliott Wave view updated from April 27, 2022


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