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 at $2.76 during global sell off in early 2020. Then it ended impulse sequence at $58.74 high on 10/26/2021 as wave I. Below there, it favors correcting lower in II & expect double three correction to unfold.
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. ((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 started pulling back in II.
In previous blog, it was expected to bounce from blue box area between $37.48 – $27.03 after ending the correction. It reacted from the blue box as expected & favors 3 swings bounce before another leg may resumes lower, while bounce fails below wave I high. It expecting a larger double correction in wave II before upside resumes. The buyers from the blue box area, already should be risk free. We like to buy the dips again, if it reaches the equal leg areas in ((Y)) leg in wave II.