Uber: Grab some butter, Uber is toast

In the near term, expect a correction that might dip as low as the bottom price target followed a consolidation centering on the higher target of $36.

After Uber has finished its correction, expect it to target $60+.

Basis for analysis
Uber has finished or is finishing an Elliott Wave cycle Wave 1 following a leading diagonal structure. As depicted, the wave comprises a primary, uptrending ABC structure consisting of two minor, uptrending ABC structures and an intermediate, downtrending WXY structure. Also, Uber continues to be Overbought.

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Yet another institution has increased Uber’s price target to 55+. Ive maintained a $60+ target for Uber based on technicals but only following correction that drops below $40.

Whom do we choose to side with: outspokenly bullish institutions or self-analyzed bearish technicals? Maybe the institutions see something we don’t and kindly want to share the potential profit. Or, perhaps they want to generate demand for an ulterior motive, whatever it might be. Regardless, if you’re bearish it might be worth hedging in case Uber pumps.

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Think I’ll continue to short lol

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My only regret is that I can’t afford to keep adding to my short position. Guess it’s now time to wait and see.

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Uber insists on staying overbought based on Wyckoff (above stride channel) and riding overbought territory based on Stochastic (above 80) and RSI (above 70). Eventually it is going to drop below $40. My target remains $38 even though price may dip much lower depending on what current news will be, eg, Uber drivers may not be considered essential to receive vaccine early or Pfizer’s vaccine might not be officially approved despite the fda recently recommending its approval.

Anyways, if price breaks and holds above $55, I think $60 would be final target before a large correction. Unless, of course, extremely bullish news is published to push Uber past another expected target for a correction (a deeper correction should have happened between $45 and $50). I can’t think of hypothetical examples for such bullish news.

Teklologist

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Teklologist