Microstrategy ($MSTR): Higher extension is favoured

Elliott Wave Forecast Team ElliottWave-Forecast.com

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.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.