Hello Traders. In today’s article, we are going to follow up on Uber Technologies Inc. (UBER) forecast posted back in August 2022 and take a look at the latest count. You can find the article here.
$UBER Daily Elliott Wave View Aug 2022:
Third Wave Extension
Different Types of Wave Extensions
The overall structure looks like a nest. A nest is a series of 1-2. Most of the time a nest happens before a huge move takes place. The chart above shows what a nest looks like.
$UBER Latest Elliott Wave View Dec 2023:
The Daily Chart above shows the cycle from June 2022 low unfold in a 5 waves nesting structure. Every 5 wave advance was followed by a 3 swing pullback that was met with buyers. The last 3 swing pullback that took place in July - Oct 2023 managed to reach a blue box area at $42.66 - 38.62. The reaction from there has erased divergence in all timeframes making it the wave 3 of 3 of the nest. The stock is expected to remain supported in a series of 4s and 5s and break above the All Time Highs with a target higher towards $70 - 88 before the cycle from June 2022 low ends. Once that cycle ends, we expect the pullback to correct June 2022 to also find buyers again in 3 or 7 swings in the future.
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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