The daily chart suggests that wave (iv) of {v} is in progress. A corrective pullback is expected to complete wave (iv), after which the stock should resume its upward trajectory to complete Minute wave {v}, potentially targeting levels around $500. Once wave (iv) concludes, the final leg of the five-wave impulsive sequence will likely unfold.

MSTR Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Strucutre: Motive.

Position: Wave (iv) of {v}.

Direction: Downside in wave c of (iv).

Details: Looking for completion in wave b which could turn out to be a triangle or else just a sideways correction, to then expect another leg lower in wave c towards 0.618 or equality of c vs. a at around 300$.

MSTR Elliott Wave technical analysis – One-hour chart

The 1-hour chart indicates that wave (iv) is still in progress, with wave b nearing completion. This could potentially form a triangle or a sideways correction. Once wave b completes, the expectation is for another leg lower in wave c, targeting around the 0.618 Fibonacci retracement or equality of wave c vs. wave a near $300. This final leg down would complete the corrective phase before the next upward move in wave {v} begins.

This analysis focuses on the current trend structure of MicroStrategy Inc., (MSTR) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements.

MicroStrategy Inc. (MSTR) Elliott Wave technical analysis

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.