Uber (UBER): What a ride!

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Uber (UBER): UBER

We've recently added Uber to our portfolio, noting its astonishing 400% rise from the COVID-19 low of $13.71. This surge is significant, and we anticipate that in the current wave 3 we're experiencing, the price could reach between $101 and $201. The precise target seems to lean towards the $101 mark, aligning with the 161.8% extension level. Currently, the high is at $81.86. We expect a pullback in the coming days and weeks to between $59.40 and $52.46, corresponding to the 38.2% to 50% retracement levels.



There's a possibility of forming an Expanded Flat leading to wave 4, a pattern observed in waves 1 and 2, suggesting a potential deviation from the anticipated zigzag or other formations. Thus, surpassing the $81.86 mark would not be incorrect, provided it does not exceed the 138% threshold. Following this wave 4, we foresee the completion of wave 3 at a minimum of $101. A limit order will be placed at the first sign of weakness.

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ملاحظة

Since our last analysis, we've witnessed a certain rise and fall, developing what seems to be subordinate Waves (a), (b), and (c), likely contributing to our overarching Wave ((a)). We've touched upon the high at $81.86 three times, slightly exceeding it but not significantly. We expect to see a three-wave structure towards Wave ((b)), which should reach up to 138%, around the $85 level. If we exceed this, we'll need to reassess. However, as long as this doesn't occur, we anticipate encountering Wave ((c)) at the 38.2 level, near $59.43.

It's also plausible that we're not dealing with subordinate Waves (a), (b), and (c), but rather an even more subordinate wave structure, suggesting that this Wave 4 may persist longer since Wave ((a)) is positioned quite high. It might necessitate activating the 23.2 level for this potential wave structure. Nevertheless, the reaction of Wave ((b)) will dictate any necessary adjustments. Our primary stance remains that we should continue to see a downward trend after a short upwind in the near future.

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Look at our chart idea and watch what happened. Here comes the update!