Elliott Wave suggests ($UBER) should remain supported

In today’s article, we will look at the past performance of Uber Technologies Inc. ($UBER). In our last update we explained that the stock can find buyers from the equal legs are at $20.31 but it looks like the market has different plans for $UBER.

$Uber Elliott Wave 1.01.2023 older view (Daily)

$Uber Elliott Wave latest view (Daily)

The pullback did not manage to break below the October lows. However, buyers appeared on December 27th and is now retesting the peak on November 15th 2022 at $31.82. The pivot at 11.15.2022 gave up in our system which runs ahead of price action indicating that more upside is expected to happen. The structure looks like a nest and a break above blue (1) at $34.33 will cause acceleration higher. We at Elliott Wave Forecast use market cycles and correlation in our analysis so when we correlate $UBER to other Stocks and ETFs, we expect price to reach $42.00 -47.00 once a breakout takes place. We like buying dips in 3, 7 or 11 swings against $19.90.