$JMIA (Start of wave 1 after zigzag countertrend) PT $16

Tony's Picks

I have recently started analyzing charts and have come across this interesting idea.

This chart is on the 4hr time frame. It looks like $JMIA is about to enter wave 1 after a 5-3-5 zig zag countertrend according to the Elliot wave theory. This idea assumes everything prior to this trend was just an IPO countertrend. Wave 2 two bounces off the .618 from wave 1 fib retracement perfectly. On the weekly chart it could be argued that we are still in one large wave 1 on macro level. I could see a $16 price target being realistic based off this chart. Expect volatility as $JMIA still has a lot to prove.

Curious to thoughts and comments.

Thank you.


Elliot waves are extremely subjective and a waste of time for me personally. However, I would expect that gap in the $15-16 area will definitely be filled at some point. I'd just look for patterns like ascending triangles, etc. to get a feel on how bullish or not this stock is. That was a long, healthy consolidation pattern that just happened before the breakout yesterday.
TonyPicks dholbrook
@dholbrook that’s a fair opinion to have. I personally believe in it as a tool. In the wrongs hands a knife can kill but in the hands of doctor it can heal. Elliot wave theory if properly applied and all rules followed can be an effect way of making money. At least we can both agree on more upside.
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