Coinbase Global Inc. ( $COIN) Elliott Wave Structure Favors More Downside.
Hello Traders! In this technical blog we are going to take a look at the Elliott Wave path in Coinbase Global Inc. (COIN) and explain why the stock should see more downside in a 7 swings WXY correction towards a Blue Box area.
Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume.
7 Swings WXY correction
$COIN Daily Elliott Wave View – Sep 09, 2024:
The Daily chart above shows the cycle from Jan 2023 low unfold as a 5 waves impulse suggesting the start of a bullish trend. The rally peaked in March 2024 and started a double correction. The first leg lower unfolded in a 5 waves structure followed by a bounce in 3 swings to correct it. The bounce failed at (B) and sellers were able to break below wave (A) reaching the blue box area $184.16 - 129.55. The bounce from the blue box area failed at ((X)) and continued to make new lows below ((W)). As a result, sellers are in control and therefore, bounces will likely fail in 3 or 7 swings. Meanwhile, buyers can wait for the 2nd blue box area highlighted above to re-enter. In conclusion, we expect the stock to remain weak and reach $89.30 – $31.55, where it may potentially react with a move higher.
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
