Drive Shack ($DS) has been making steady gains since the March 2020 low. Technically speaking, it has a nice Elliott Wave chart, and is following the pattern of the general indices fairly well. Let’s take a look at what they do as a company:
“Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses. Today, our portfolio consists of; Drive Shack involved in developing nationwide network of innovative golf entertainment venues. American Golf, one of the largest golf course companies in the world. And real estate related assets”
As mentioned above, the Elliott wave count on Drive Shack is fairly clean, and points to more gains ahead. Lets take a look at the 4H view:
Drive Shack Elliott Wave 4H View:
Medium term term view from 03/19/2020 lows of 0.86. Wave ((1)) was set at 1.65 on 3/26/2020 and wave ((2)) at 1.00 on 5/14/2020. After that, a wave ((3)) rally took place, which topped on 6/8/2020 at 3.43. After that, Drive Shack has been correcting that cycle from the May 14 low. Black ((4)) is favoured to be set, but one more low is possible before turning up. If a marginal new low occurs, the structure would remain the same. Which is still expecting one more high before a larger pullback may occur. Black ((5)) can see gains up to the $4.50 level before topping out in a larger degree correction.
In conclusion, Drive Shack is presently favoured to advance in the final ((5)), with a breakout over the previous $3.43 peak favoured to take place in the medium term future.
Risk Management
Using proper risk management is absolutely essential when trading or investing in a volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
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