Uber: Consolidation
The rally that began at the turn of the year has recently transitioned into a phase of consolidation, leaving our primary outlook unchanged for now. During the magenta wave [iv], we anticipate another pullback toward the support at $53.26, where the subsequent wave [v] should begin. This wave [v] should eventually propel the price beyond the resistance at $87, where we also expect the high of the broader turquoise wave 3. A premature breakout is also conceivable, given the extent of the current pullback. However, for this 30% likely alternative scenario to be confirmed, the stock would need to decisively breach the $87 mark.
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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.