FUBO "B" wave bottoming? First upside target 4.85USD?This is a followup idea on my previous one where we "idezied" the bottoming process, which so far has been manifested. So far I see it as a huge (A)(B)(C) forming to the upside, hence the choppiness, which overall LIKELY will stay as 3 wave structure hitting a several year upside target of between 22 - 84 USD, too soon to projectile anything more proper target. Can it be something even more bullish? Yes, but it has to proove a lot in the upcoming years. In that case it is LIKELY to be a huge overall diagonal.
What I lean towards is that we are in the huge white (A) wave, unfinished still, within that we likely to have a big ABC structure, in which the "A" wave likely completed, and we are in the "B" wave down. I have already removed the 0.382 and 0.5 fib retracement levels, generally we are reaching/has reached a very good risk/reward ratio already for the long term.
As this could be the b wave down, it is quiet tricky, morphing, wavecount changing and evolving, and likely to have more choppiness. Even it COULD undershoot as still be valid, hence I have carefully, but constantly scaling back-in for long
Next support levels to watch: 1.65-1.50
After that: 1.30-1.20 (less likely, but CAN happen)
After that: 1.16-1.05 (even less likely, but CAN happen)
Currently we are below all meaningfull moving averages (9/21/50/180&200 day MA's), but within support.
I have added a "bearish" route/count as well, for the very long term I am still bullish even in that scenario, however likely to have 1 or 2 more swingdowns deeper to complete the yellow route big wave 5, and THEN (assuming no banktrupcy) would have at least a very strong correction to the upside.
