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DKNG Looking To Resume Higher After Completing The Pullback

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The Draft Kings, Inc. ticker symbol: DKNG is a digital sports entertainment and gaming company engaged in providing online sports betting. Online casinos, daily fantasy sports product offerings, Draft Kings Marketplace. Retail sports betting, media and other gaming product offerings. consumption. It operates through the following segments: Business-to-Consumer (B2C) and Business-to-Business (B2B). The business-to-consumer segment includes sports betting, iGaming and DFS product offerings, as well as media and other consumer product offerings. The Business-to-Business segment includes the design and development of gaming software. The company was founded by Jason D. Robins, Matthew Kalish, and Paul Liberman on December 31, 2011 and is headquartered in Boston, MA.

In this blog, we will look at the technical analysis on DKNG. In which, the super cycle degree wave (I) ended at $74.38 high and made a 3 wave pullback against all time lows within wave (II). The internals of that pullback unfolded as zigzag correction where wave cycle degree wave a ended at $39.93 low. Wave b bounce ended at $64.58 high and wave c ended at $9.78 low. Thus completed wave (II) pullback. Up from there, the stock made a 5 waves rally & ended  cycle degree wave I at $49.57 high. Down from there, the stock made a 7 swings lower pullback and completed wave II pullback at $28.69 low. Near-term, as far as dips remain above $28.69 low and more importantly above $9.78 low expect stock to resume the upside.

DKNG Weekly Elliott Wave Analysis

DKNG Looking To Resume Higher After Completing The Pullback

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Better Restaurants with Toast, Inc (TOST) Support

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Toast, Inc. (TOST) operates a cloud-based digital technology platform for the restaurant industry in the United States, Ireland, and India. The company offers software products for restaurant operations and point of sale. In addition, the company offers payroll and team management.  Further, it offers reporting and analytics, Toast shop, and Toast partner connect and application programming interfaces. The company was formerly known as Opti Systems, Inc. and changed its name to Toast, Inc. in May 2012. Toast, Inc. was incorporated in 2011 and is headquartered in Boston, Massachusetts.

TOST May 2024 Weekly Chart 

TOST May 2024 Weekly Chart 

TOST completed a grand super cycle in 2012 reaching a share price of $69.93. We called this high wave ((I)). From here, the stock started to plummet and it reached a value of $11.91 in less than a year. We labeled this low as wave ((II)). Then the price started to move sideways fluctuating between $12 and $27 dollars. For this reason, we started to label nests looking for the stock to recover. The first group ended wave (I) at $26.04 high. The corrective wave (II) drew an expanded flat structure that ended at $13.27 low and then the market rally. The next bullish momentum reached its maximum at $27.90 and we labeled it as wave I. Therefore, we expected a correction as wave II before continuing a new rally again.

TOST November 2024 Weekly Chart

TOST November 2024 Weekly Chart

Currently weekly chart, we can see the correction as wave II. It ended at $21.32 low in June and continued moving sideways. We were waiting to break above wave I high to confirm that wave II has completed. In September, the market breaks above $27.90 and the bullish market was confirmed. TOST created a separation from the lows after US elections, suggesting a wave III higher. This wave III looks incomplete and we should see higher prices until the structure is ended and start a wave IV correction. The weekly chart is valid as price action stays above $11.91 low.

TOST November 2024 16H Chart

TOST November 2024 16H Chart

To get a closer look at what is happening in TOST, we are showing the 16-hour chart. We are not using the daily chart because it did not show the retracement of wave (4). We can clearly see the structure of wave III. Wave ((1)) of III ended at $27.95 high. Then, a correction finished at $21.76 low, close to breaking the low of $21.32, and we marked as wave ((2)). The wave ((3)) of III is still developing we expect to reach $43.00 – $45.00 area before starting a wave ((4)) pullback. The stock should continue moving higher to sideways until wave III is completed.

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QQQ Found Intraday Buyers Again at the Blue Box Area

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Hello fellow traders. In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of QQQ Invesco NASDAQ ETF, published in members area of the website. As many of our members are aware, the ETF is forming impulsive 5 waves rally in the cycle from the 420 low and it has given us good buying opportunities recently.  QQQ made another pull back that reached extreme zone from the peak completed a correction at the Equal Legs (Blue Box Area). In the following sections, we’ll take a look into the Elliott Wave pattern and our forecast.

QQQ H1 Update 11.01.2024

ETF  is  giving us correction that is unfolding as 3 waves pattern , labeled as (((a))((b))((c)) black. The pullback has already reached the extreme zone (Blue Box) . However we expect to see another marginal push down in near term. At this stage, we advise against selling the ETF and expect buyers to appear at the marked Blue Box area. QQQ could either see a rally to new highs or a corrective bounce in at least three waves.

If you want to learn more about Elliott Wave Patterns, we invite you to explore our Free Elliott Wave Educational Web Page.

QQQ

QQQ H1 Update 11.03.2024

ETF responded exactly as anticipated at the Blue Box Area. We got another marginal low and buyers appeared. QQQ made decent bounce from the buyers zone – Blue Box area. Bounce has reached 50 fibs against the connector’s peak ((b)) high, so any longs from there should be already risk free.

Keep in mind not every chart is trading recommendation. For the latest updates, refer to the most recent charts available in our membership area.  We focus on trading instruments with incomplete bullish or bearish swing sequences.  The Live Trading Room highlights the best opportunities in real-time.

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NASDAQ Futures (NQ_F) Forecasting the Rally From the Equal Legs Zone

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Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of  NASDAQ Futures (NQ_F) published in members area of the website.  Our members know NQ_F is showing impulsive bullish sequences and we are favoring the long side. In this discussion, we’ll break down the Elliott Wave pattern and forecast.

NASDAQ  Elliott Wave 1  Hour  Chart 10.23.2024

NASDAQ is giving us wave ((ii)) black correction. The futures has reached extreme zone from the  peak at 20129- 19837 area.  NQ_F shows clear 3 waves from the high, suggesting pull back could be ending any moment. Consequently , we expect rally in wave ((iii)) to happen any moment. We recommend members to avoid selling the futures and keep favoring the long side.  As the main trend is bullish we expect to see rally toward new highs ideally or 3 waves bounce from the equal legs alternatively.

Official trading strategy on How to trade 3, 7, or 11 swing and equal leg is explained in details in Educational Video, available for members viewing inside the membership area.

Nasdaq

NASDAQ  Elliott Wave 1  Hour  Chart 10.23.2024

NASDAQ responded exactly as anticipated at the equal legs. The futures found buyers and made a substantial rally from our recommended buying zone.  Eventually we got break of ((i)) black peak , confirming next leg up is in progress. The futures should ideally keep finding buyers in 3,7,11 swings sequences against the 20077.5 pivot.

Keep in mind that market is dynamic and presented view could have changed in the mean time.  You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

Nasdaq

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💰 For just $9.99, unlock a wealth of knowledge and experience with our 14-day Trial. Experience firsthand our proven trading strategy, which accurately defines Entry, Stop Loss, and Take Profit levels, empowering you to make informed decisions with confidence.

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QQQ (Nasdaq ETF) reaches risk free area from blue box

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Hello traders. Welcome to a new ‘blue box’ blog post where we discuss our most recent trade setups shared with Elliottwave-Forecast members. In this one, we will discuss the Qs – QQQ (Investico QQQ ETF).

The Invesco QQQ ETF tracks the Nasdaq-100 Index, focusing on 100 large non-financial companies, mainly in technology, healthcare, and consumer sectors. It’s a popular choice for investors seeking exposure to large-cap tech companies.

The post-COVID recovery for U.S. markets began in October 2022, and since then, the market has sustained a bullish cycle, producing a series of higher highs and higher lows. In such bullish sequences, we prefer to buy pullbacks in 3, 7, or 11 swings. The QQQ ETF has followed a similar pattern, with its price recovering from every pullback before July 2024.

Notably, the bullish impulse sequence that started in October 2022 still appears incomplete, leading us to continue buying this ETF on dips. The most recent pullback occurred between July and August 2024, followed by a resurgence that has yet to break the previous high from July 2024. However, a higher-high sequence emerged when the ETF breached its August high, presenting an opportunity within the shorter cycles.

QQQ Elliott Wane Analysis – 10.01.2024 Update
QQQ

We identified an impulse wave sequence in the shorter cycles after the price broke above the August 2024 high. Consequently, we informed our members that we would look to buy the next 3, 7, or 11 swings pullback at the equal leg. To illustrate this, the abridged chart above illustrated end of wave 4, highlighting the blue box area, indicating a buy at 477/478 with a stop at 470.

Our plan was to adjust the stop to either the entry point or the low of wave (c) once the price made a significant bounce to what we call the “risk-free area.” At that point, we typically close half of the position for profit and reduce the stop on the remaining portion. This strategy aims to create a risk-free trade.

QQQ Elliott Wane Analysis – 10.09.2024 Update 


QQQ

We shared the chart on 10/09/2024, showing the expected price bounce from the blue box. Members have already closed half of their positions for profit and adjusted the rest to breakeven. This allows them to hold the remaining position risk-free until the target is reached. This frees up capital to allocate toward other opportunities. However, if the price turns lower from this point to form a deeper wave 4, we won’t hesitate to buy again. In that case, we will provide an updated chart with a new blue box for members to follow.

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AT&T Inc. (T) Reacted from the Blue Box and Rally Must Continue

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AT&T Inc. (T) is an American multinational telecommunications holding company headquartered in Dallas, Texas. It is the world’s largest telecommunications company by revenue and the third-largest provider of mobile telephone services in the U.S.

AT&T (T) Monthly Chart April 2024                               

AT&T (T) Monthly Chart April 2024

Above we have montly chart from 5 months ago. We can see that AT&T shares finished an all-time high with a price of $45.23 as wave ((I)). Since the beginning of 1999, the value held a downtrend and we were looking to end this correction. Using the Elliott Wave Principle, a double correction structure (w), (x) and (y) can be clearly seen. From the peak, we have 3 waves in a flat structure that ended wave (w) at $14.17 low. Then, we had another flat structure that built a wave (x) ending in the value of $33.33 high.

The last leg of the double correction is the wave (y). We had already completed wave a and b of (y), and we were developing wave c as an ending diagonal. The market had already reached the blue box in the $8.58 – $16.75 area expecting a rally soon because the market had break wave (w) low and the cycle could have ended. However, we were looking for one more leg lower to complete a clear structure below $13.43 to end wave ((II)) correction and resume the rally.

AT&T (T) Monthly Chart September 2024                          

AT&T (T) Monthly Chart September 2024

On the current monthly chart, we can see the rally that left the blue box. This invalidated the bearish continuation of the ending diagonal as wave c. The rally does not mean that T cannot resume to the downside again. To confirm that wave ((II)) is over at $13.43 low, the market needs to break above of wave (x) high. Until then, T could make perfectly any other structure that leads us to lower prices.

AT&T (T) Weekly Chart September 2024                                                               

AT&T (T) Weekly Chart September 2024

The weekly chart above shows how the wave ((5)) of c of the ending diagonal completed the structure. The (A), (B), (C) looks like more as the wave ((1)) and we were looking for one more like wave ((3)). That is why we were calling for more one more leg lower. Wave ((II)) ended at $13.43 low and rally and it should be developing an impulse higher as wave I. The first leg higher as wave ((1)) ended at $18.16 high. Wave ((2)) pullback finished at $15.94 low and rally again. AT&T has pushed strongly higher breaking the pivots of the RSI in the weekly timeframe, suggesting the market cycle is over. Now, we should expect to build an impulse structure as the chart before seeing 3, 7 or 11 swings correction as wave II.

Elliott Wave Forecast 

www.elliottwave-forecast.com updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.

14 day Trial costs $9.99 only. Cancel anytime at support@elliottwave-forecast.com