Is DKNG Still a Bad Bet?
Updated
DKNG has still finished carving out a wave b, now forming a double top with a daily engulfing pattern. Probably because of news of new investment from ARK. The Elliott wave is still clear and we're targeting under $27 before resuming the main trend. We could go as low as the $16 area. Also, not pictured on this chart is RSI divergence confirming the 5th wave top. This analysis is also in conjunction with our broader market view.
Note
1st target hit. Given the overall fragile market and impending bear market I still think we can see prices cut in half.
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