MicroStrategy stabilizes at $83 as a new bullish phase may be developing [Video]

Gregor Horvat Wavetraders

M. Strategy(MSTR) is finally stabilizing around the $83 support area, and it looks like there is now room for further gains as price is also recovering above the trend line connecting sub-waves one and four. This is an indication that we could be entering a new bullish phase, with a recovery towards the $190–200 area or higher possible during the rest of the year.

From an Elliott Wave perspective, we are tracking wave A/1 of a minimum three-wave A/1/B/2/C/3 rally. This suggests more upside can be seen, although traders should be aware of a potential wave B/2 pullback before the continuation higher in wave C/3.

Highlights

Strategy is stabilizing around the $83 support area.
Price is breaking above the trend line connecting sub-waves one and four, suggesting the bearish cycle may be coming to an end.
A recovery towards the $190–200 area or higher could follow during the rest of the year.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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