Carvana Co. (CVNA) Elliott Wave technical analysis [Video]
|Carvana Co. (CVNA) – Elliott Wave analysis – Daily chart
Technical analysis overview – TradingLounge
Function: Counter Trend.
Mode: Corrective.
Structure: Corrective.
Position: Wave (C) of ②.
Direction: Downward toward Wave (C).
Details: Following a completed 5-wave impulse, a correction toward Wave (C) of ② is in progress.
On the daily timeframe, Carvana Co. (CVNA) has finalized its five-wave impulsive move and is now in a corrective phase. The current movement appears to be forming a flat pattern. Price is likely to find support above the 131.8% Fibonacci retracement from Wave (A) to (B), suggesting the last leg of this corrective sequence is developing.
As Wave (B) finishes, the next expected movement is Wave (C), which will conclude Wave ②. This scenario could offer a short-term bearish opportunity, providing traders with a potential tactical setup during the final stage of the correction.
Carvana Co. (CVNA) – Elliott Wave analysis – Weekly chart
Function: Trend.
Mode: Impulsive.
Structure: Impulsive.
Position: Wave ③ of III.
Direction: Upward into Wave ③.
Details: A pullback to Wave ② is anticipated before Wave ③ begins.
On the weekly chart, CVNA remains in a strong upward trend within a broader impulsive structure. The stock is advancing toward Wave ③ of Wave III. However, a retracement to Wave ② is expected before Wave ③ initiates.
Traders should watch for confirmation of Wave ② support and observe key levels. Once confirmed, the next leg up—Wave ③—may offer a long setup aligned with the broader bullish trend.
Carvana Co. (CVNA) Elliott Wave technical analysis [Video]
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