DKNG has still finished carving out a wave b, now forming a double top with a daily engulfing pattern. Probably because of news of new investment from ARK. The Elliott wave is still clear and we're targeting under $27 before resuming the main trend. We could go as low as the $16 area. Also, not pictured on this chart is RSI divergence confirming the 5th wave top. This analysis is also in conjunction with our broader market view.
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1st target hit. Given the overall fragile market and impending bear market I still think we can see prices cut in half.
DKNG We have completed 5 waves, with divergence, and a broken channel trendline. The B wave has been completed rejecting the 0.618 area with a daily pin bar . The target is below $27 at Wave 4 and as deep as the $17 area. From there I'd recommend to buy and hold for years to come.
adriel.arrasmith
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@elcapitain1, you’re correct. Since dkng hasn’t went past the point of wave 5 it’s still valid. We can’t predict things perfectly and as time goes on more information becomes available.
DKNG We have completed 5 waves, with divergence, and a broken channel trendline. The B wave has been completed rejecting the 0.618 area with a daily pin bar . The target is below $27 at Wave 4 and as deep as the $17 area. From there I'd recommend to buy and hold for years to come.