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.
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.