Draftkings: Medium-Term Forecasting
My theory is there an opportunity the sports gambling company is entering an inverted wave five.
Utilizing Fibonacci pitchfans to detect a median for retracement, along with converging time cycles, I have a specific range as seen in the chart. This would break the longer term pitchfan, which price has currently retraced to the median, confirming the bearish move. Note that price is at a lower high than the previous wave high.
This theory is potentially invalidated closing above 44.70 restructuring a potential standard wave one and most likely invalidated above 46.60 creating a new high above the inverted wave two. More than likely I'm predicting the targets won't be reached within the timeframe if this becomes the case.
Fundamentally, DKNG is not a strong earnings company, negative p/e, and football season kicks off after farthest EW target.
Multiple targets as the price closes at or below pitchfans' levels.
Utilizing Fibonacci pitchfans to detect a median for retracement, along with converging time cycles, I have a specific range as seen in the chart. This would break the longer term pitchfan, which price has currently retraced to the median, confirming the bearish move. Note that price is at a lower high than the previous wave high.
This theory is potentially invalidated closing above 44.70 restructuring a potential standard wave one and most likely invalidated above 46.60 creating a new high above the inverted wave two. More than likely I'm predicting the targets won't be reached within the timeframe if this becomes the case.
Fundamentally, DKNG is not a strong earnings company, negative p/e, and football season kicks off after farthest EW target.
Multiple targets as the price closes at or below pitchfans' levels.
Trade active
25% closedTrade active
Found support, now closed 50%. Stop Moved to 39.50 which would allude to lesser odds of retracement downward based on the previous wave.Trade closed: stop reached
Hit the new stop. Still a winner, +54% closed profit on total trade.
KP
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
KP
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.