Has Draft Kings ($DKNG) bottomed and ready to rally?

Elliott Wave Forecast Team ElliottWave-Forecast.com

Good day Traders and Investors. In today’s article, we are going to follow up on Draft Kings ($DKNG) forecast posted back in January 2022 and take a look at the latest Daily count.

“DraftKings is an American daily fantasy sports contest and sports betting provider. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player and team performances in five major American sports (MLB, the NHL, the NFL, the NBA and the PGA), Premier League and UEFA Champions League soccer, NASCAR auto racing, Canadian Football League, the XFL, Mixed martial arts (MMA) and Tennis.””

Draft Kings Elliott Wave latest view (daily)

Draft kings peaked at $74.38 back in March 22, 2021 at red I and started the decline to correct cycle against all time lows. The initial ((A)) wave down is favoured to be in 5 waves, with a 3 wave reaction into ((B)). ((B)) peaked in September 2021. After ((B)) peaked, the stock unfolded into another impulse lower in an extended ((C)) wave. Momentum has been diverging on the Daily which is the case in an ending diagonal in wave (5). It managed to extend deep into the Blue Box area but found buyers on May 12, 2022 at $9.77. Since May 12, 2022, the stock has been making progress bouncing in a series of 5 waves and is favoured to be nesting. Momentum is also picking up and is breaking previous pivots on the Daily timeframe.

In conclusion, as long as it remains above the invalidation level at $8.88, it should continue higher. The stock is only turning up and any trades in the blue box would be against $8.88. We don’t like to sell it short down here in the blue box as that would be high risk.

Draft Kings Elliott Wave alternative view (Daily)

What about the alternative view? We at Elliottwave Forecast look at all the possibilities and try to educate our members on alternative counts. The Daily Chart above shows the alternative view on $DKNG. It can be unfolding in an expanded flat structure from October 2020 high. This view favours that the stock found a low on May 12, 2022 at ((3)) and ended a cycle from ((2)). It can be bouncing in 3, 7 or 11 swings to correct cycle against $64.58 before the next leg lower in ((5)) takes place.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold declines to new 10-week low below $4,400

Gold (XAU/USD) stays under heavy bearish pressure in the American session on Friday and remains on track to end the week deep in negative territory. After the data from the US showed Nonfarm Payrolls rose by 172K in May, the benchmark 10-year US Treasury bond yield and the US Dollar Index rose sharply, dragging XAU/USD to its weakest level snce late March below $4,400.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.