Member Request: Let’s Take a Look at $ABNB

$ABNB‘s price action since its inception has been erratic. This analysis will involve some speculation (more than normal).

  1. The whole move has been sideways, rather than directional.
  2. Thus, we may conclude that it is in a “corrective” structure as a whole, rather than a trending impulsive move.
  3. My first instinct has been to place primary (pink) B at the November top, but that doesn’t work well because what comes after that should be an impulse, and I can’t get one to fit.
  4. The rally in February is a clear impulse wave (that’s the move from the orange B to the orange C), but it can only still be part of a correction because it then went on to make a new low. And so I have to count all of that as a flat (i.e., the pink B is a flat, I believe).
  5. And so, I think it will need to finish by making some kind of “C” wave (pink degree), which may take months.
  6. If that is so, then the fact the the first move from pink B is a 3-wave move, then it may form an ending diagonal, as I’ve speculated.
  7. In the end, this whole structure is effectively also a Wyckoff pattern, and who knows when it will complete. But, for the time being, for the purposes of trading, one may try to buy lows and sell highs in this range for a while, probably.
  8. I will try to keep an eye on this and point out anything obvious that comes along if it presents us with something we can grab on to.


Note: When articles are first published, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced (or to join my Discord chatroom), please consider becoming a patron. Note that there is a 7-day free trial period. More information may be found on my About page and on my Patreon page.

Leave a Reply

Your email address will not be published. Required fields are marked *