Microstrategy ($MSTR): Higher extension is favoured
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERToday, I am following up on the article I posted in May 2021, which was looking for Microstar to bottom imminently for the next leg higher. You can view this article here
The stock has bottomed as expected, and has started to rally and show signs that the next leg higher is underway. Here’s the recent daily view showing expectations for higher extension to take place.
Microstrategy Elliottwave View:
Microstrategy medium term term view from the low in set in May 2021. The stock has rallied impulsively from the May 2021 low @ 411.58. After that, a pullback in (2) took place and is favoured to be bottomed. The technical view on the rally from the low is a good example of a 5 waves move with momentum divergence at the peak of Red 5. More on this is explained in the video below.
In conclusion, prices are now favouring to advance in another nest against the July 20/21 low. This can be seen on the chart above in Red 1 and 2. It is important to realize we do not like to sell this instrument. As long as prices remain above Red IV low @ 411.58, further upside is favoured to take place.
Today, I am following up on the article I posted in May 2021, which was looking for Microstar to bottom imminently for the next leg higher. You can view this article here
The stock has bottomed as expected, and has started to rally and show signs that the next leg higher is underway. Here’s the recent daily view showing expectations for higher extension to take place.
Microstrategy Elliottwave View:
Microstrategy medium term term view from the low in set in May 2021. The stock has rallied impulsively from the May 2021 low @ 411.58. After that, a pullback in (2) took place and is favoured to be bottomed. The technical view on the rally from the low is a good example of a 5 waves move with momentum divergence at the peak of Red 5. More on this is explained in the video below.
In conclusion, prices are now favouring to advance in another nest against the July 20/21 low. This can be seen on the chart above in Red 1 and 2. It is important to realize we do not like to sell this instrument. As long as prices remain above Red IV low @ 411.58, further upside is favoured to take place.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.