Airbnb, Inc.Long
ABNB TRADE IDEA
When considering the forecast and the evidence that supports it, it is likely in wave three to a higher degree, which is the bread and butter of swing trading. That said, the safest wave three entry is often the break above wave one of three, but in this case, the 8 and 21 EMA gave a buy signal, weekly volume is ticking up, and the weekly RSI is holding above 40. Therefore, a break above the weekly 8EMA may be the buy signal we are looking for. For any trade, you need a reason to enter, which is listed, a valid stop, which would be the wave 2 of 3 low in this case, and a target, which will be at least the 161.8% extension, based on typical Elliot wave theory and the overall forecast.
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