DKNG final pattern to target
Updated
Doing a final look at the price action of DKNG and it seems we are in a huge cypher pattern. Price will need to kick back up and hold at 30 (magenta line). Its been my experience these patterns typically have the deep retracement and then rally back upside. They can be fast going up and then dramatically deceiving and slow coming down. The pattern terminates 37.55 , but the Gann box is at 40.. so I am suspecting (without confirmation at this time) that a new mico bullish harmonic will develop at the APEX. Thsi is also near the 3/1 Gann angle and usually is a strong terminating or promoting area. In this case I think this pattern will draw in late comers and then the dramatic drop in price will commence, but 40 remains the target until we can get additional information later in this cycle. NOTE: The top is the same top from the previous charts for DKNG.
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I also forgot to mention the previous pattern (in blue) has not even terminated yet.. its still in play and that too leads up to 39.48. So there may be no need for a bullish pattern at the cypher just a extention of the previous (long forgotten) pattern back in June.Trade active
UPDATING the price target as I didnt see the 3/1 Gann line earlier. New Price Target is 37-38 dollars. Be ready for a still pull back after this is reached. Its been a good run!Trade active
UBS Raises DraftKings Price Target to $44 From $39, Maintains Buy RatingTrade active
How sweet it is.. looks like we just reached the top of the Cypher pattern. I am still debating if this is the top of the macro pattern (if not) its very close.. but expect a pullback after the 36.85 top today. I sold some shares at 36.80. I am going to wait and see what develops as the price consolidates around 35.00- could go lower. This has been a very good profit making chart for those who got in back on the original chart posted back in June. We have been holding that long to finally get close to pattern completion. Kudos to the Winners!Trade closed: target reached
pattern top completed, There may be further upside, but due to the pattern in play (confirmed) Cypher.. this is going to be a slow long haul back upside if it does not do so in the next 24/48 hrs. Profits should have been taken by now to reinvest in other things while DKNG takes a break.
Moorsc0de aka Crypt0nomics aka Zaphkiel
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