MicroStrategy Incorporated (NASDAQ: MSTR) is an American company that provides business intelligence, mobile software, and cloud-based services. Since 2020, MicroStrategy started investing in Bitcoin as a treasury reserve asset which impacted its stock price in the recent 4 years.
In this article, we'll take a look at the Elliott Wave Structure taking place and explore the potential path for the coming months.
Down from 2021 peak, MSTR did 3 waves pullback within a wave (II) correction and found a major low in December 2022 at $132.56. This move represent the main connector for the upcoming cycle as the stock did manage to break above $1315 and creates higher high sequence within it's weekly cycle.
The rally from the lows is clearly unfolding within an impulsive structure and the bullish sequence is aiming for an initial target at equal legs area $1443 - $1750. However looking at the impulsive nature of the move, it can extend toward the 61.8 Fibonacci extension at $2253 before ending wave I of (III).
MSTR is expected to keep finding buyers during short term pullbacks in 3 , 7 or 11 swings and should remain supported within it's daily cycle for the coming months.
MicroStrategy (NASDAQ: MSTR) Weekly Chart 3.6.2024
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