MicroStrategy Weekly Upside Target

MicroStrategy (MSTR) is one of the top performing stocks in recent two years. In our previous article, we explained the impulsive structure taking place since 2022 low. In this article, we’ll take a look at the potential targets to the upside based on the Elliott Wave Theory.MSTR started is major bullish cycle in 2002. Since then, the stock is currently showing a 3 waves to the upside and it’s still expected to finish a 5 waves advance before a major correction takes place. The recent peak in March 2024 is proposed to be a wave III which is followed by a sideways price action in a triangle wave IV. As long as the stocks holds above September 2024 low $113.69 then it’s expected to continue the rally higher within a wave V.The initial weekly target area for 5th wave comes at the inverted Fibonacci levels of wave IV and it’s suggest the area of $222 – $260 to end the cycle. Alternatively, MSTR could extend further beyond that area and look for the equal legs area of the 2024 connector. In that case a higher target at $287 – $331 can be seen before the next correction takes place.The overall technical structure for MSTR is bullish and suggesting more upside within the weekly cycle. Therefore we don’t recommend selling the stock and we only suggest buying the pullbacks in 3 , 7 or 11 swings within daily cycle. MSTR Weekly Chart 10.03.2024 More By This Author:EURUSD Looking For Expanded Flat Elliott Wave CorrectionGBPCAD Elliott Wave Buying The Dips At The Blue Box Nzdusd Exits 17-Months Range To Find Buyers From The Dip