Hello Traders. In today’s article, we will look at the past performance of Uber Technologies Inc. ($UBER). In our last update we explained that the stock can find buyers from the equal legs area at $20.31 but it looks like the market has different plans for $UBER.
$Uber Elliottwave 1.01.2023 Older View (Daily):
$Uber Elliottwave Latest View (Daily):
The pullback did not manage to break below the October lows. However, buyers appeared on December 27th and is now retesting the peak on November 15th 2022 at $31.82. The pivot at 11.15.2022 gave up in our system which runs ahead of price action indicating that more upside is expected to happen. The structure looks like a nest and a break above blue (1) at $34.33 will cause acceleration higher. We at Elliott Wave Forecast use market cycles and correlation in our analysis so when we correlate $UBER to other Stocks and ETFs, we expect price to reach $42.00 -47.00 once a breakout takes place. We like buying dips in 3, 7 or 11 swings against $19.90.
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