Royal Caribbean Cruises (NYSE: RCL) super bullish nest in progress
|Royal Caribbean Cruises Ltd (NYSE: RCL), is one of the best performing stocks in recent years with +1300% up from 2020 lows. In our previous article, we identified the initial bullish structure setting up the current rally. Likewise, we’ll continue exploring the weekly path based on Elliott Wave Theory.
In 2023, we explained that RCL was in the process of creating a bullish Nest from 2020 low and it needed to break above 2021 peak to confirm the higher high sequence. A nest is a series of 1-2 and most of the time it happens before a huge move takes place resulting in an extended move. The below chart shows what a nest looks like within a third wave.
Third wave extension
RCL rallied into new all time highs after breaking above 2018 peak, as a result, it established a higher high sequence within its Grand super cycle. The stock exceeded the 1.618 Fibonacci extension level $250 which confirms the extended wave ((III)) and it supports the continuation to the upside. After that, RCL can see further extension toward $301 – $385 within a series of 4th & 5th waves.
Consequently, the current incomplete bullish sequence is still supporting the weekly rally and suggest that RCL will continue to find buyers during pullbacks in 3 , 7 or 11 swings until it ends 5 waves advance within cycle from 2020 to end wave ((III)). In conclusion, Royal Caribbean Cruises is looking for a continued upward trajectory within its weekly cycle and dips should provide valuable buying opportunities for long term investors.
RCL weekly chart 2.12.2025
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