$DKNG: DraftKings Offers an Opportunity in a Pullback
DraftKings (DKNG) is an US American daily fantasy sports contest and sports betting company. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player performances in five major American sports, Premier League and UEFA Champions League football, NASCAR auto racing and more. Founded in 2012 and headquartered in Boston, Massachusetts, USA, the stock can be traded under ticker $DKNG at NASDAQ.
DraftKings Weekly Elliott Wave Analysis 11.05.2023
The Weekly chart below shows the Draftkings shares $DKNG traded at NASDAQ. From the IPO, the stock price has developed an impulse higher in blue wave (I) of a super cycle degree. It has printed the all-time highs on the March 2021 at $74.38. Hereby, red wave III has reached more than 1.618x of the wave I and ending diagonal in red wave V beyond 2.0x of the wave I. From the highs, a correction lower in blue wave (II) has unfolded as an Elliott wave zigzag pattern. Firstly, red wave a has printed a low in May 2021 at $39.93. Secondly, from the low, red wave b reached higher towards September 2021 highs and became a bull trap. Thirdly, from $64.58 highs, red wave c has broken below $39.93 lows. It has reached into 30.09-8.76 bluebox support area.
It is the the preffered view, that correction in blue wave (II) has ended in May 2022. While above 9.77 lows, next bullish cycle in blue wave (III) has started. The target will be towards 84-130 area and beyond. In shorter cycles, red wave I is unfolding as an impulse. While above $25.41 lows, black wave ((5)) of red wave I can extend higher and reach 37-40 area. Then pullback in red wave II should correct part of the rise in the red wave I from May 2022 lows. Investors and traders should be waiting for red wave I to end. Then, pullback in wave II is a buying opportunity in 3, 7 swings against $9.77 lows.
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