Wyckoff Accumulation Schematic #1 almost complete on a short term timeframe.
Longer term..
Risk is 10%, reward is 120-200%.
Stop loss and invalidation are clearly outlined (at 10% below current price.)
Stock has formed a technical double bottom (textbook) over the last 4 months, and completed this formation with strong support yesterday.
Stock has inverse...
On the chart, we can see an inverted head and shoulder, which is ready to breakout.
We expect it to go to the upside, whereas we will take an entry at the breakout of the neckline.
This will give us a ROI of 18%.
More details are shown on the chart
I will be watching $UPWK, hoping to catch this off 786 trigger level w candle action to minimize the risk (tighten stop loss)
Watch price action off 618 level as the spinning top doji close can bring in buyers.
Tp's are shown, Tp1 stop is to entry, tp 4 is 16.50$, not shown in chart.
I will post entry if I get a good one w lower risk, 3-4x risk to reward is...
Upwork is in a long-term (for the stock) falling wedge (on log scale) since its triple top. It's shown relative weakness vs the market and still has more room for the downside for much of 2023.
UPWORK has created an inverse head and shoulders pattern. Suggesting an primary price target of $35 (100%). Once the H&S has finished, perhaps a retracement of a golden pocket before next move.
As shown, beautiful EW structure. Still has a little more correcting to do, but should provide an amazing opportunity soon. Will be tracking very closely and may take a position.
Showing a weekly small double bottom here. Daily buy volume came in on that area. We need to see a break and hold above 19.10 as if this falling wedge wants to break to the upside could taget 28$. Of course in this bearish market upside is hard to imagine Howver that volume coming in is surprising would at least have to stoploss below the second low of 16.96
upwk approaching its last line off support. If we bounce here and break 39.71 my price targets are 50.39-58.98
below 30 theres not much support and we can hit 18.73
staying neutral until we see a clear break to either direction.
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a bit of technical, a bit of fundamental analysis
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UPWK at a potential buying point. Found support at a long term trendline + 1 year out/post gap up (also where significant price action begins) Anchored VWAP. New pivot low would also align with the previous distance between pivot lows. This also could be the end of an ABC corrective wave, setting up a potential new move to the upside. Bullish RSI divergence is...
Update on UPWK trade plan. Trimmed position to lock in some profits, still holding shares long. If we see a nice pullback, I will consider adding shares.
Expecting a pre earnings pullback, then run after earnings. UPWK dropped despite a double beat upon Q1 and Q2 earnings report due to guidance that hyper seasonality factors would decrease screen time. However increasing jobless claims and a study of travel data leads me to believe that this was purely a Q2 concern, where there was a sharp increase in travel...
